Stop! Your Lease Extension in Dartmouth Park Could Be FREE

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Many leaseholders in Dartmouth Park are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Dartmouth Park has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Top reasons for Dartmouth Park lease extension

Main reasons to commence your Dartmouth Park lease extension today:

Increase your lease and increase your Dartmouth Park property value

The value of Dartmouth Park leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate materialy once the remaining term is less than 80 years

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

It is generally considered that a residential leasehold with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years left, the premises will be equivalent in value to a freehold for decades to come.

Lenders will not issue a mortgage with a short lease

Many banks and building societies will not grant a mortgage on a lease with less than seventy years unexpired - although this varies from lender to lender. A buyer will no doubt encounter difficulties to obtain a mortgage and this will result in your Dartmouth Park property being difficult to dispose of or to obtain finance on.

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Chelsea 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.
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
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Get in touch with one of our Dartmouth Park lease extension solicitors or enfranchisement solicitors

The conveyancing solicitors that we work with procure Dartmouth Park 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.

Dartmouth Park Lease Extension Example Cases:

Ali, Dartmouth Park, North London

During the course of the last few months Ali, came dangerously close to the 80-year mark with the lease on his leasehold flat in Dartmouth Park. Having purchased his home 18 years ago, the length of the lease was of minimal importance. by good luck, it dawned on him that he needed to take steps soon on a lease extension. Ali extended the lease just in the nick of time in August. Ali and the landlord who owned the flat above subsequently settled on an amount of £6,000 . If the lease had slipped to less than 80 years, the figure would have increased by a minimum £1,000.

Dartmouth Park case:

Mr Lewis López took over the lease of a studio flat in Dartmouth Park in November 2006. The dilemma was if we could approximate the price could be to prolong the lease by 90 years. Comparative flats in Dartmouth Park with an extended lease were worth £295,000. The mid-range amount of ground rent was £45 invoiced annually. The lease terminated on 9 July 2100. Given that there were 74 years outstanding we calculated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 not including expenses.

Decision in Camden

An example of a Lease Extension decision for a Dartmouth Park premises is Flat 2 27 Mackeson Road in December 2012. The Tribunal assessed the value of the lease extension premium at £35,435 and rounded the figure to £35,500 This case was in relation to 1 flat. The remaining number of years on the lease was 64.77 years.