Stop! Your Lease Extension in Dollis Hill Could Be FREE

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Many leaseholders in Dollis Hill 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 Dollis Hill 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 Dollis Hill lease extension

Main reasons to start your Dollis Hill lease extension today:

A Dollis Hill leasehold property depreciates with the years remaining on the lease.

Dollis Hill leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Legislation has been in place for sometime now which entitles qualifying Dollis Hill residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Dollis Hill you really ought to see if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under eighty years, the cost of any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value

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

It is generally accepted that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Lenders will not grant a mortgage with a short lease

Banks and Building Societies have set criteria when lending funds charged on leasehold property. Some will simply refrain from lending at all once an unexpired lease term drops under a certain unexpired lease term. Many Banks and Building Societies will not regard property with a remaining term of less than 75 years as acceptable security. In addition to impacting your ability to sell, it is also relevant where you are intending to refinance your Dollis Hill property.

Lender Requirement
Barclays plc Leases with less than 70 years at the commencement of the mortgage are not acceptable.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Lloyds TSB Scotland 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

What makes us experts in Dollis Hill lease extensions?

Engaging our service gives you better control over the value of your Dollis Hill leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Dollis Hill Lease Extension Case Studies:

Matthew, Dollis Hill, North West London

Two years ago Matthew, started to get close to the eighty-year threshold with the lease on his studio apartment in Dollis Hill. Having bought his flat two decades ago, the lease term was of minimal interest. Fortunately, he recognised he would soon be paying an escalated premium for Extending the lease. Matthew extended the lease just in the nick of time in April. Matthew and the freeholder via the managing agents eventually agreed on an amount of £6,000 . If he failed to meet the deadline, the sum would have become more exhorbitant by a minimum £1,025.

Dollis Hill case:

In 2013 we were approached by Dr N Clark who, having took over the lease of a newly refurbished flat in Dollis Hill in February 2002. The question was if we could estimate the premium could be to prolong the lease by a further 90 years. Comparative properties in Dollis Hill with an extended lease were in the region of £210,000. The average amount of ground rent was £50 invoiced monthly. The lease concluded in 2106. Given that there were 80 years left we approximated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 plus costs.

Decision in Brent

An example of a Freehold Enfranchisement decision for a Dollis Hill premises is 12 & 12A Deacon Road in May 2010. the Tribunal concluded that the price to be paid for the freehold should be £38,287 This case was in relation to 2 flats. The unexpired term was 65.58 years.