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.

Main reasons to commence your Dollis Hill lease extension

Top reasons for lease extension now:

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

Chances are that if you own a flat in Dollis Hill you actually own a long leasehold interest over your property

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

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

Lending institutions will not grant a mortgage on a short lease

Banks and Building Societies have set criteria when loaning monies charged on leasehold property. Many will simply refrain from lending at all once an unexpired lease term goes under a certain unexpired lease term. Many Banks and Building Societies will not consider property with a remaining term of less than 75 years suitable security. In addition to this being important when selling, it is also relevant where you are intending to refinance your Dollis Hill property.

Lender Requirement
Accord Mortgages 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.
Bank of Scotland Minimum 70 years from the date of the mortgage.
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.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage.

Get in touch with one of our Dollis Hill lease extension solicitors or enfranchisement solicitors

The conveyancers that we work with undertake Dollis Hill 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 conveyancer we work with provide it.

Dollis Hill Lease Extension Case Studies:

Katie, Dollis Hill, North West London,

In the wake of 9 months of lengthy correspondence with the landlord of her ground floor apartment in Dollis Hill, Katie initiated the lease extension process just as her lease was approaching the critical 80-year deadline. The transaction was concluded in February 2014. The landlord’s charges were negotiated to approximately 500 GBP.

Dollis Hill case:

In 2014 we were called by Ms O Ali who, having bought a newly refurbished apartment in Dollis Hill in May 2011. The dilemma was if we could estimate the price would likely be for a 90 year extension to my lease. Comparative residencies in Dollis Hill with an extended lease were valued about £189,000. The mid-range amount of ground rent was £55 collected yearly. The lease came to a finish in 2079. Having 53 years left we approximated the premium to the freeholder to extend the lease to be between £28,500 and £33,000 exclusive of expenses.

Decision in Brent

An example of a Freehold Enfranchisement decision for a Dollis Hill property 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 related to 2 flats. The remaining number of years on the lease was 65.58 years.