Main reasons to commence your Dosthill lease extension

Main reasons to commence your Dosthill lease extension today:

Increase your lease and increase your Dosthill property value

It’s an underpublicised truth that a Dosthill residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the early years due to the deflation being disguised by increases in the Dosthill property prices.Once your lease gets to 85ish years, you should start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips below eighty years - otherwise a higher amount will be due. Most flat owners in Dosthill will be able to extend under the legislation; however a conveyancing solicitor will be able to confirm if you qualify for an extension. In some situations you may not qualify. There are also strict timeframes and procedures to be adhered to once the process has commenced and you will need to be guided by your lawyer from beginning to end of the process.

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

Leasehold properties in Dosthill with over 100 years remaining 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 purchasing the freehold unless savings on ground rent and estate charges justify it.

Mortgage lenders may decide not to finance a property on a short lease

Most banks and building societies require a lengthy amount of time remaining on any leasehold residence before they will contemplate providing a mortgage on it. Regardless of whether you require a mortgage, you should bear in mind that it is likely that someone wishing to purchase your property in the future might well do, so where they can't get a mortgage, then the financial worth of your property will likely be adversely impacted. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

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

Lease extensions in Dosthill can be a difficult process. We recommend you secure professional help from a conveyancing solicitor 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 in-depth market knowledge procuring Dosthill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Dosthill Lease Extension Case Summaries:

Toby, Dosthill, Staffordshire

Last Spring Toby, came seriously near to the eighty-year mark with the lease on his basement apartment in Dosthill. In buying his flat 18 years ago, the lease term was of no significance. As luck would have it, he realised he needed to take steps soon on a lease extension. Toby was able to extend his lease just in the nick of time last June. Toby and the landlord who owned the flat above in the end settled on the final figure of £5,000 . If he had missed the deadline, the premium would have increased by a minimum £1,050.

Dosthill case:

Last Winter we were e-mailed by Dr Hunter Vincent , who completed a purpose-built apartment in Dosthill in June 2009. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by a further 90 years. Similar flats in Dosthill with an extended lease were in the region of £280,000. The average amount of ground rent was £55 collected per annum. The lease elapsed in 2103. Given that there were 77 years left we approximated the premium to the landlord for the lease extension to be between £13,300 and £15,400 plus fees.

Dosthill case:

Dr Luke Norbert acquired a basement apartment in Dosthill in November 2005. We are asked if we could approximate the price would likely be for a 90 year lease extension. Comparable premises in Dosthill with an extended lease were worth £183,600. The average ground rent payable was £65 billed annually. The lease concluded on 20 November 2083. Considering the 57 years unexpired we approximated the premium to the freeholder to extend the lease to be within £28,500 and £33,000 not including fees.