Dollis Hill Lease Extension - Free Consultation

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Why you should 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.

Dollis Hill residential property owned on a long lease is a wasting asset because a leaseholder merely owns the property for a period of years.

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 45 years left, the residence will be equivalent in value to a freehold for decades to come.

Mortgage lenders may not grant a mortgage on a short lease

Most banks and building societies require a lengthy amount of time remaining on any leasehold residence before they will consider providing a mortgage on it. Regardless of whether you require a mortgage, you should bear in mind that it is probable that someone wanting to acquire your property in the future might well do, so where they are not able to get a mortgage, then the value of your property will likely suffer. Since 2008 many mortgage lenders have increased the required minimum lease length that they are willing to accept

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.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Godiva Mortgages 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.
Yorkshire 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.

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

Retaining our service gives you increased control over the value of your Dollis Hill leasehold, as your property will be more valuable and marketable in relation to the 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 Example Cases:

Rory, Dollis Hill, North West London,

Rory owned a studio apartment in Dollis Hill on the market with a lease of just over 72 years remaining. Rory on an informal basis approached his landlord being a well known London-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £150 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Rory to exercise his statutory right. Rory obtained expert advice and was able to make a more informed decision and handle with the matter and ending up with a market value flat.

Dollis Hill case:

Last March we were e-mailed by Dr Jasper Watson , who was assigned a lease of a garden flat in Dollis Hill in September 2010. The dilemma was if we could approximate the price would likely be for a 90 year extension to my lease. Comparative flats in Dollis Hill with a long lease were worth £174,200. The average amount of ground rent was £55 collected yearly. The lease expired in 2076. Taking into account 51 years outstanding we calculated the premium to the landlord to extend the lease to be within £31,400 and £36,200 exclusive of costs.

Decision in Brent

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 was in relation to 2 flats. The unexpired term as at the valuation date was 65.58 years.