Stop! Your Lease Extension in Dartmouth Park Could Be FREE

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Many leaseholders in Dartmouth Park are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Dartmouth Park has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to start your Dartmouth Park lease extension

Main reasons to commence your Dartmouth Park lease extension today:

A Dartmouth Park leasehold property depreciates with the years remaining on the lease.

The market value of Dartmouth Park leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase significantly once the unexpired lease term is less than eighty years

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

Leasehold premises in Dartmouth Park with in excess of one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges warrant it.

Lenders may not grant a mortgage with a short lease

Almost all mortgage companies require a lengthy amount of time remaining on a leasehold residence before they will consider it as adequate security. Even if you don't need a mortgage, you should be mindful that it is likely that someone wishing to acquire your property in the future might well do, so if they can't secure a mortgage, then the value of your property will likely be adversely impacted. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are willing to lend on

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date 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
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

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

The lawyers that we work with procure Dartmouth Park 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.

Dartmouth Park Lease Extension Example Cases:

Logan, Dartmouth Park, North London

16 months ago Logan, started to get close to the 80-year mark with the lease on his two bedroom apartment in Dartmouth Park. Having purchased his home 19 years previously, the length of the lease was of little interest. Thankfully, it dawned on him that he would soon be paying an escalated premium for a lease extension. Logan extended the lease at the eleventh hour in April. Logan and the freeholder subsequently settled on a premium of £5,500 . If the lease had dipped to less than 80 years, the figure would have become more costly by a minimum £975.

Dartmouth Park case:

In 2010 we were called by Mrs A Khan who, having took over the lease of a ground floor apartment in Dartmouth Park in April 1999. The dilemma was if we could shed any light on how much (roughly) premium could be to prolong the lease by a further 90 years. Identical residencies in Dartmouth Park with an extended lease were valued about £285,000. The average amount of ground rent was £45 invoiced quarterly. The lease expired on 23 June 2098. Having 72 years outstanding we approximated the premium to the landlord for the lease extension to be between £12,400 and £14,200 exclusive of fees.

Decision in Camden

An example of a Lease Extension decision for a Dartmouth Park flat is Flat 2 27 Mackeson Road in December 2012. The Tribunal assessed the value of the lease extension premium at £35,435 and rounded the figure to £35,500 This case was in relation to 1 flat. The unexpired residue of the current lease was 64.77 years.