Why you should start your Dosthill lease extension

Main reasons to commence your Dosthill lease extension today:

A Dosthill leasehold property depreciates with the years remaining on the lease.

The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Dosthill have the right to extend the lease for a further 90 years under statute. Do give careful consideration before delaying your Dosthill lease extension. Postponing the costs now simply escalates the amount you will eventually have to pay for a lease extension.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the property will be equivalent in value to a freehold for many years ahead.

Lending institutions will not grant a mortgage with a short lease

Most banks and building societies will not grant a mortgage on a lease with under 70 years unexpired - although this varies from lender to lender. A purchaser will no doubt encounter difficulties to obtain a mortgage and this will result in your Dosthill property being difficult to sell or remortgage.

What makes us experts in Dosthill lease extensions?

The conveyancers that we work with handle Dosthill lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Dosthill Lease Extension Example Cases:

Eliot, Dosthill, Staffordshire,

Eliot owned a 2 bedroom flat in Dosthill being marketed with a lease of just over fifty eight years unexpired. Eliot on an informal basis spoke with his landlord being a well known London-based freehold company for a lease extension. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £100 per annum. No ground rent would be due on a lease extension were Eliot to exercise his statutory right. Eliot obtained expert legal guidance and was able to make a more informed decision and deal with the matter and ending up with a market value flat.

Dosthill case:

Dr K Ward purchased a purpose-built flat in Dosthill in November 1999. The dilemma was if we could estimate the premium would be for a 90 year extension to my lease. Similar premises in Dosthill with 100 year plus lease were valued about £191,000. The mid-range amount of ground rent was £65 invoiced monthly. The lease concluded on 12 July 2084. Given that there were 58 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £23,800 and £27,400 exclusive of professional charges.

Dosthill case:

Ms Caitlin Peterson owned a one bedroom flat in Dosthill in November 2003. The dilemma was if we could approximate the premium could be to extend the lease by ninety years. Identical properties in Dosthill with a long lease were in the region of £250,000. The mid-range ground rent payable was £50 billed monthly. The lease ran out in 2095. Considering the 69 years outstanding we calculated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of professional charges.