Main reasons to start your Dartmouth Park lease extension

Why you should start your Dartmouth Park lease extension today:

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

Unfortunately that a Dartmouth Park residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the early years due to the reduction being disguised by increases in the Dartmouth Park property prices.Where your lease has approximately 90 years left, you should start thinking about a lease extension. If the number of years remaining slips under eighty years, you will then be required to pay 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add the property Most flat owners in Dartmouth Park will be able to extend under the legislation; however a conveyancer will be able to confirm if you are eligibility. In some cases you may not be entitled. There are also strict deadlines and procedures to be adhered to once the process is initiated and you will need to be guided by your conveyancer for the duration of the process.

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

Leasehold properties in Dartmouth Park with over one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.

Banks and Building Societies will not loan monies with a short lease

Why use us for your lease extension in Dartmouth Park?

Irrespective of whether you are a tenant or a landlord in Dartmouth Park,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Dartmouth Park valuers.

Dartmouth Park Lease Extension Example Cases:

Kate, Dartmouth Park, North London,

Following lengthy discussions with the landlord of her one bedroom apartment in Dartmouth Park, Kate initiated the lease extension process just as the lease was approaching the all-important 80-year threshold. The transaction was concluded in April 2015. The freeholder’s charges were kept to an absolute minimum.

Dartmouth Park case:

In 2012 we were approached by Dr Dylan Carter who, having purchased a basement flat in Dartmouth Park in March 2010. The question was if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by a further 90 years. Identical flats in Dartmouth Park with 100 year plus lease were valued around £235,600. The mid-range amount of ground rent was £60 invoiced quarterly. The lease finished in 2088. Considering the 62 years outstanding we calculated the premium to the landlord for the lease extension to be between £21,900 and £25,200 plus professional charges.