Why you should start your Dartmouth Park lease extension

Top reasons for lease extension now:

A Dartmouth Park lease depreciates with the years remaining on the lease.

Dartmouth Park 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 the lease becomes more expensive. The majority of owners of residential leasehold property in Dartmouth Park enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Dartmouth Park you should check if your lease has between 70 and 90 years left. In particular once the remaining lease term slips under 80 years, the cost of any lease extension increases dramatically as part of the premium you will incur is what is known as a marriage value

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Lending institutions may not finance a property with a short lease

Why use us for your lease extension in Dartmouth Park?

Lease extensions in Dartmouth Park can be a difficult process. We recommend you get guidance from a conveyancing solicitor and valuer with experience in lease extensions.

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 Dartmouth Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Dartmouth Park Lease Extension Case Summaries:

Gabriel, Dartmouth Park, North London,

Gabriel was the the leasehold owner of a 2 bedroom apartment in Dartmouth Park on the market with a lease of fraction over sixty years outstanding. Gabriel informally contacted his landlord a well known Manchester-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 initially set at £200 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Gabriel to invoke his statutory right. Gabriel procured expert legal guidance and was able to make an informed decision and handle with the matter and sell the flat.

Dartmouth Park case:

In 2014 we were called by Mr K Peterson who, having purchased a first floor flat in Dartmouth Park in May 2012. The dilemma was if we could shed any light on how much (approximately) premium could be to extend the lease by a further 90 years. Comparable homes in Dartmouth Park with an extended lease were valued about £191,400. The mid-range amount of ground rent was £55 billed monthly. The lease finished in 2080. Taking into account 54 years outstanding we approximated the premium to the freeholder to extend the lease to be within £34,200 and £39,600 exclusive of fees.