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Main reasons to commence your Dyserth lease extension

Main reasons to commence your Dyserth lease extension today:

Increase your lease and increase your Dyserth property value

Dyserth residential property owned on a long lease is a wasting asset as the leaseholder merely owns the property for a set term.

Dyserth property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Lenders may decide not to loan monies on a short lease

The propensity since over the last decade has been for lenders to tighten lending requirements generally - this has extended to the types of security over which the mortgage is to be charged. This has resulted in the minimum number of years remaining under the lease required by banks has increased. In the past lenders were content with 25 years plus the term of the loan - typically 50 year leases but those requirements have been chipped away by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
Royal Bank of Scotland Mortgage term plus 30 years.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

What makes us experts in Dyserth lease extensions?

The conveyancers that we work with handle Dyserth lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Dyserth Lease Extension Case Summaries:

Riley, Dyserth, Denbighshire,

Riley owned a high value apartment in Dyserth on the market with a lease of a little over 59 years outstanding. Riley on an informal basis contacted his landlord a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £50 per annum. Ordinarily, ground rent would not be payable on a lease extension were Riley to invoke his statutory right. Riley obtained expert advice and secured an acceptable resolution informally and ending up with a market value flat.

Dyserth case:

Last Autumn we were contacted by Dr Max Mercier , who acquired a studio flat in Dyserth in May 2009. The dilemma was if we could approximate the price could be to prolong the lease by 90 years. Comparative premises in Dyserth with 100 year plus lease were valued around £275,000. The mid-range amount of ground rent was £65 billed annually. The lease concluded on 7 November 2092. Taking into account 68 years unexpired we approximated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 not including fees.

Dyserth case:

In 2014 we were approached by Ms Harriet Simon who, having acquired a one bedroom apartment in Dyserth in September 1997. The question was if we could estimate the premium would likely be to extend the lease by ninety years. Comparable flats in Dyserth with a long lease were valued about £208,600. The average amount of ground rent was £60 collected monthly. The lease terminated on 28 October 2081. Considering the 57 years left we approximated the compensation to the landlord for the lease extension to be within £30,400 and £35,200 plus expenses.