With a residential leasehold property in Dollis Hill, you are in fact renting it for a certain period of time. These days flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you may consider extending the lease sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease becomes disproportionately greater particularly once there are fewer than eighty years left. Leasehold owners in Dollis Hill with a lease drawing near to 81 years unexpired should seriously consider extending it sooner than later. When a lease has under 80 years outstanding, under the relevant legislation the freeholder is entitled to calculate and demand a larger amount, assessed on a technical multiplication, known as “marriage value” which is payable.
It is conventional wisdom that a property with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Regardless of whether you are a tenant or a landlord in Dollis Hill,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Dollis Hill valuers.
After lengthy correspondence with the landlord of her first floor apartment in Dollis Hill, Nicole initiated the lease extension process just as her lease was approaching the critical 80-year threshold. The legal work completed in April 2010. The landlord’s costs were negotiated to under 700 pounds.
Last Winter we were phoned by Mr and Mrs. T Girard , who completed a first floor apartment in Dollis Hill in November 2009. The question was if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year lease extension. Comparable residencies in Dollis Hill with a long lease were valued around £181,600. The mid-range amount of ground rent was £55 billed per annum. The lease terminated in 2077. Given that there were 52 years remaining we estimated the compensation to the freeholder for the lease extension to be within £30,400 and £35,200 plus professional charges.
An example of a Freehold Enfranchisement decision for a Dollis Hill residence 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 affected 2 flats. The unexpired residue of the current lease was 65.58 years.