Top reasons for Dollis Hill lease extension

Why you should commence your Dollis Hill lease extension today:

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

The value of Dollis Hill leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate substantially once the unexpired lease term is less than eighty years

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the residence will be worth the same as a freehold for many years ahead.

Lenders may not grant a mortgage on a short lease

Most banks have narrowed their lending criteria in recent years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against property with shorter lease terms, particularly below 75 years as they are deemed to be unacceptable for lending purposes.

Why use us for your lease extension in Dollis Hill?

Lease extensions in Dollis Hill can be a difficult process. We recommend you procure professional help 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 a wealth of experience 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 Studies:

Reuben, Dollis Hill, North West London

Half a year ago Reuben, came perilously near to the 80-year mark with the lease on his ground floor apartment in Dollis Hill. Having bought his home 18 years previously, the length of the lease was of little bearing. Luckily, he realised he needed to take steps soon on a lease extension. Reuben extended the lease at the eleventh hour last June. Reuben and the landlord ultimately settled on a premium of £5,000 . If the lease had slipped to less than eighty years, the price would have escalated by at least £1,150.

Dollis Hill case:

Last June we were phoned by Dr A Murphy , who moved into a garden flat in Dollis Hill in July 2010. We are asked if we could shed any light on how much (roughly) price would be to extend the lease by an additional years. Similar homes in Dollis Hill with a long lease were valued about £280,000. The average amount of ground rent was £45 invoiced per annum. The lease came to a finish on 25 February 2097. Taking into account 71 years remaining we calculated the premium to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of legals.