Why you should start your Dulwich lease extension

Main reasons to start your Dulwich lease extension today:

A Dulwich leasehold property depreciates with the years remaining on the lease.

Dulwich leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. The majority of owners of residential leasehold property in Dulwich enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Dulwich you would be well advised to check if your lease has between 70 and 90 years remaining. There are good reasons why a Dulwich flat owner with a lease having around 80 years unexpired should take steps to ensure that a lease extension is actioned without delay

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

Leasehold premises in Dulwich with in excess of one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth 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 service charges merit it.

Mortgage lenders may decide not to issue a mortgage with a short lease

Most banks have narrowed their lending criteria in recent years and borrowers are encountering difficulties in arranging finance or re-mortgage against property with shorter lease terms, particularly under 75 years as they are deemed to be unacceptable for lending purposes.

Why use us for your lease extension in Dulwich?

Lease extensions in Dulwich can be a difficult process. We recommend you secure guidance from a lawyer and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Dulwich lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Dulwich Lease Extension Case Studies:

Katherine, Dulwich, South East London,

Subsequent to lengthy correspondence with the landlord of her two bedroom flat in Dulwich, Katherine initiated the lease extension process just as the lease was approaching the all-important eighty-year threshold. The lease extension was concluded in November 2009. The freeholder’s fees were kept to an absolute minimum.

Dulwich case:

Mr I Campbell bought a ground floor flat in Dulwich in March 1998. The dilemma was if we could approximate the price would be to extend the lease by a further 90 years. Comparative flats in Dulwich with a long lease were valued about £290,000. The mid-range ground rent payable was £45 invoiced annually. The lease concluded in 2098. Taking into account 72 years unexpired we calculated the compensation to the landlord for the lease extension to be within £11,400 and £13,200 not including professional charges.