The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Dollis Hill have the legal entitlement to extend the lease for an additional ninety years in accordance with Leasehold Reform legislation. Please give careful consideration before delaying your Dollis Hill lease extension. Postponing that expense today simply escalates the price you will ultimately have to pay to extend the lease.
It is generally considered that a residential leasehold with in excess of one hundred 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 equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Dollis Hill can be a difficult process. We recommend you procure guidance from a lawyer 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.
In recent months Jayden, started to get close to the 80-year threshold with the lease on his leasehold flat in Dollis Hill. Having purchased his property twenty years ago, the lease term was of minimal significance. Fortunately, he noticed he would imminently be paying an inflated amount for Extending the lease. Jayden extended the lease just under the wire in August. Jayden and the freeholder via the management company subsequently agreed on an amount of £5,000 . If he had missed the deadline, the price would have escalated by at least £1,125.
Last Summer we were contacted by Mr and Mrs. V François , who was assigned a lease of a ground floor flat in Dollis Hill in January 1998. The question was if we could estimate the compensation to the landlord could be for a ninety year lease extension. Identical homes in Dollis Hill with an extended lease were valued around £200,000. The average ground rent payable was £50 billed every twelve months. The lease elapsed on 20 June 2103. Taking into account 77 years as a residual term we approximated the premium to the landlord to extend the lease to be within £8,600 and £9,800 not including fees.
An example of a Freehold Enfranchisement decision for a Dollis Hill premises is 12 & 12A Deacon Road in May 2010. the Tribunal concluded that the price to be paid for the freehold should be £38,287 This case related to 2 flats. The unexpired residue of the current lease was 65.58 years.