Why you should commence your Dollis Hill lease extension

Main reasons to commence your Dollis Hill lease extension today:

A Dollis Hill lease depreciates with the years remaining on the lease.

Dollis Hill 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 gets more expensive. It is the case that most Dollis Hill tenants have the right to extend their lease by an additional 90 years by virtue of the 1993 Leasehold Reform Act. Where you are a leasehold owner in Dollis Hill you really ought to investigate if your lease has between seventy and 90 years remaining. There are compelling reasons why a Dollis Hill flat owner with a lease having around eighty years unexpired should take action to ensure that a lease extension is put in place without delay

An extended lease is almost the same value as a freehold

It is generally considered that a property with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may decide not to loan monies on a short lease

Most banks and building societies insist on a lengthy amount of time remaining on any leasehold property before they will contemplate it as adequate security. Even if you don't need a mortgage, you should keep in mind that it is likely that someone wanting to purchase your property in the future might well do, so in the event that they can't secure a mortgage, then the value of the property could suffer. Since 2008 most mortgage lenders have increased the required minimum lease length that they are prepared to grant a mortgage on

What makes us experts in Dollis Hill lease extensions?

Lease extensions in Dollis Hill can be a difficult process. We recommend you secure professional help from a conveyancer 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 in-depth market knowledge procuring Dollis Hill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Dollis Hill Lease Extension Case Summaries:

Ollie, Dollis Hill, North West London

Last Christmas Ollie, started to get near to the 80-year threshold with the lease on his studio apartment in Dollis Hill. In buying his property 18 years ago, the lease term was of minimal concern. Luckily, he became aware that he would soon be paying an escalated premium for a lease extension. Ollie extended the lease just under the wire last June. Ollie and the freeholder via the managing agents in the end settled on a premium of £6,000 . If the lease had dropped to less than eighty years, the figure would have escalated by a minimum £900.

Dollis Hill case:

Dr Reuben Parker acquired a studio flat in Dollis Hill in June 2012. We are asked if we could approximate the price would likely be for a ninety year lease extension. Comparative properties in Dollis Hill with a long lease were valued around £218,400. The mid-range ground rent payable was £60 invoiced annually. The lease concluded in 2085. Having 59 years left we approximated the premium to the landlord to extend the lease to be between £27,600 and £31,800 not including fees.