Main reasons to commence your Dollis Hill lease extension

Why you should commence your Dollis Hill lease extension today:

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

As the length of the unexpired term of a Dollis Hill residential lease lessens so does its value and therefore the value of your property. If the lease has, in excess of 100 years remaining then this decrease may be fractional that being said there will become a stage when a lease has less than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary rational as to why you should extend the lease without delay. Most flat owners in Dollis Hill will meet the qualifying criteria; that being said a lawyer will be able to confirm whether you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

Dollis Hill property with a lease extension has roughly the same value as a freehold

Leasehold properties in Dollis Hill with in excess of one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges warrant it.

Banks and Building Societies may not lend on a short lease

Mortgage companies are really clamping down as regards to properties in Dollis Hill with short leases. For example you might discover that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so where you needed to sell, your remaining options would be to find a cash buyer, or try your luck at auction thus restricting your market.

Why use us for your lease extension in Dollis Hill?

Retaining our service will provide you enhanced control over the value of your Dollis Hill leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Dollis Hill Lease Extension Example Cases:

Elijah, Dollis Hill, North West London,

Elijah owned a high value apartment in Dollis Hill being marketed with a lease of a little over sixty years unexpired. Elijah on an informal basis spoke with his landlord a well known local-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Elijah to invoke his statutory right. Elijah procured expert advice and was able to make an informed decision and handle with the matter and readily saleable.

Dollis Hill case:

Ms Holly Garcia moved into a studio apartment in Dollis Hill in September 2000. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be for a ninety year lease extension. Comparable flats in Dollis Hill with an extended lease were valued about £213,600. The mid-range amount of ground rent was £60 billed quarterly. The lease expired in 2083. Having 57 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £30,400 and £35,200 not including legals.