Main reasons to start your Dartmouth Park lease extension

Main reasons to start your Dartmouth Park lease extension today:

Increase your lease and increase your Dartmouth Park property value

Owning a flat usually means owning a lease of the property, which has a set term of years. This lease will usually be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Dartmouth Park. Inevitably, the length of lease remaining shortens over time. This may pass by relatively unnoticed when the property has to be disposed of or refinanced. The shorter the lease the less it is worth and the more expensive it will be to obtain a lease extension. Eligible long lease owners in Dartmouth Park have the right to extend the lease for a further ninety years under Leasehold Reform legislation. You should give due attention before putting off your Dartmouth Park lease extension. Holding off that expense now simply increases the price you will ultimately have to pay for a lease extension

Dartmouth Park property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the premises will be worth the same as a freehold for many years ahead.

Lenders may decide not to lend on a short lease

Lenders are inclined not grant a mortgage on short residential leases. You most probably experience problems if you wish to sell your flat in Dartmouth Park if the remaining term of your lease is below the criteria set by most banks and building societies. Different lenders have varying requirements but in the main theyrequire an unexpired term of at least 65 years.

What makes us experts in Dartmouth Park lease extensions?

The conveyancing solicitors that we work with procure Dartmouth Park 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.

Dartmouth Park Lease Extension Case Summaries:

Stanley, Dartmouth Park, North London

Twenty four months ago Stanley, started to get near to the 80-year threshold with the lease on his studio apartment in Dartmouth Park. Having purchased his flat two decades ago, the unexpired term was of no bearing. Luckily, he became aware that he needed to take steps soon on a lease extension. Stanley arranged for a lease extension at the eleventh hour in June. Stanley and the landlord ultimately settled on a premium of £5,000 . If the lease had slipped lower than 80 years, the figure would have gone up by a minimum £1,150.

Dartmouth Park case:

Mr and Mrs. Y Alexander moved into a ground floor flat in Dartmouth Park in November 1995. The question was if we could estimate the premium would likely be to prolong the lease by ninety years. Comparable premises in Dartmouth Park with a long lease were in the region of £216,000. The average ground rent payable was £60 invoiced every twelve months. The lease termination date was in 2084. Considering the 58 years remaining we calculated the premium to the freeholder to extend the lease to be between £28,500 and £33,000 exclusive of fees.