Why you should start your Dollis Hill lease extension

Top reasons for lease extension now:

A Dollis Hill leasehold property 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 ninety years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Dollis Hill you would be well advised to see if your lease has between seventy and 90 years left. There are compelling reasons why a Dollis Hill flat owner with a lease having around 80 years unexpired should take action to make sure that a lease extension is effected without delay

Dollis Hill property with a lease extension is almost the same value as a freehold

Leasehold residencies in Dollis Hill with over 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.

Lending institutions will not loan monies with a short lease

Mortgage companies are making their criteria more stringent and a meaningful number now want flats to have a minimum of sixty if not seventy years left once the mortgage has expired. Given that a number of flats in Dollis Hill were built in the 1950s, 1960s and 1970s this means many now require lease extensions if they wish to get a mortgage.

Get in touch with one of our Dollis Hill lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a landlord in Dollis Hill,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Dollis Hill valuers.

Dollis Hill Lease Extension Case Studies:

Elijah, Dollis Hill, North West London

Last Winter Elijah, came very near to the eighty-year threshold with the lease on his first floor flat in Dollis Hill. In buying his property 19 years ago, the unexpired term was of no relevance. Luckily, he noticed he needed to take steps soon on Extending the lease. Elijah was able to extend his lease at the eleventh hour in March. Elijah and the landlord who owned the flat above subsequently agreed on the final figure of £6,000 . If he not met the deadline, the sum would have gone up by at least £850.

Dollis Hill case:

Dr Reuben Nguyen acquired a basement flat in Dollis Hill in October 1997. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by an additional years. Similar flats in Dollis Hill with an extended lease were in the region of £243,000. The average ground rent payable was £65 collected every twelve months. The lease came to a finish on 25 June 2089. Given that there were 63 years left we estimated the compensation to the freeholder to extend the lease to be between £20,000 and £23,000 plus costs.