Top reasons for Dollis Hill lease extension

Top reasons for lease extension now:

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

Owning a apartment usually means owning a lease of the property, which has a finite term of years. This lease will ordinarily be granted for a set period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Dollis Hill. Inevitably, the period of lease remaining reduces as time goes by. This may slip by relatively unnoticed when the property needs to be sold or refinanced. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease. Qualifying leaseholders in Dollis Hill have the right to extend the lease for a further ninety years under the 1993 Leasehold Reform Act. Please give careful consideration before putting off your Dollis Hill lease extension. Putting off that expense now only increases the price you will ultimately incur for a lease extension

An extended lease is almost the same value as a freehold

Leasehold residencies in Dollis Hill with in excess of 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.

Banks and Building Societies may decide not to grant a mortgage with a short lease

Lenders do not like short residential leases. You are likely to encounter problems where you want to sell your flat in Dollis Hill if the unexpired lease term is under the criteria set by most mortgage companies. Different mortgage companies have different requirements but on the whole theyrequire an unexpired term of at least 65 years.

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

Lease extensions in Dollis Hill can be a difficult process. We recommend you obtain guidance from a lawyer 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 dealing with 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 Example Cases:

Alex, Dollis Hill, North West London,

Alex was the the leasehold proprietor of a conversion flat in Dollis Hill on the market with a lease of a little over sixty years unexpired. Alex on an informal basis contacted his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £150 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Alex to exercise his statutory right. Alex obtained expert legal guidance and was able to make an informed judgement and handle with the matter and sell the property.

Dollis Hill case:

In 2011 we were e-mailed by Dr U Rodríguez who, having purchased a first floor apartment in Dollis Hill in June 1999. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by a further 90 years. Identical premises in Dollis Hill with a long lease were valued around £205,000. The mid-range amount of ground rent was £50 billed per annum. The lease concluded on 20 October 2104. Having 79 years outstanding we estimated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 plus professional charges.