Main reasons to start your Dollis Hill lease extension

Why you should start your Dollis Hill lease extension today:

Increase your lease and increase your Dollis Hill property value

Owning a flat usually means owning a lease of the property, which has a set term of years. your lease will usually be granted for a set period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Dollis Hill. Inevitably, the term of lease left reduces as time goes by. This is often overlooked and only becomes a problem when the residence has to be sold or refinanced. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease. Qualifying long lease owners in Dollis Hill have the right to extend the lease for an additional 90 years in accordance with the 1993 Leasehold Reform Act. You should give careful attention before putting off your Dollis Hill lease extension. Holding off the cost now likely increases the price you will ultimately incur to extend your lease

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

Leasehold properties in Dollis Hill with over one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Banks and Building Societies will not lend with a short lease

Lenders are tightening their criteria and many now want flats to have at least 60 if not 70 years left at the expiry of the mortgage. Given that plenty of flats in Dollis Hill were built in the fifties, sixties and seventies as a result many now require lease extensions if they if they are to be mortgageable.

Why use us for your lease extension in Dollis Hill?

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 terms of lease length should you decide 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:

Alexandra, Dollis Hill, North West London,

In the wake of 6 months of protracted negotiations with the landlord of her one bedroom flat in Dollis Hill, Alexandra initiated the lease extension process just as her lease was nearing the critical eighty-year mark. The transaction completed in June 2008. The freeholder’s fees were negotiated to approximately 650 pounds.

Dollis Hill case:

Mrs Chelsea Roberts moved into a ground floor apartment in Dollis Hill in October 2009. The dilemma was if we could approximate the premium could be for a ninety year extension to my lease. Similar flats in Dollis Hill with an extended lease were in the region of £230,800. The mid-range amount of ground rent was £60 collected quarterly. The lease came to a finish in 2085. Considering the 60 years unexpired we estimated the compensation to the landlord for the lease extension to be between £24,700 and £28,600 not including expenses.