The rule of thumb is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Dollis Hill may extend the lease for an additional ninety years under the 1993 Leasehold Reform Act. Do give careful consideration before delaying your Dollis Hill lease extension. Shelving the costs today simply escalates the price you will ultimately have to pay to extend the lease.
Leasehold residencies in Dollis Hill with in excess of 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 property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| 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 |
| Yorkshire Building Society | 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. |
Irrespective of whether you are a tenant or a landlord in Dollis Hill,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Dollis Hill valuers.
Subsequent to lengthy negotiations with the landlord of her one bedroom apartment in Dollis Hill, Isabelle commenced the lease extension process as the 80 year deadline was swiftly approaching. The transaction completed in November 2005. The freeholder’s charges were kept to an absolute minimum.
Last Autumn we were e-mailed by Mr and Mrs. F Girard , who was assigned a lease of a first floor flat in Dollis Hill in November 1995. We are asked if we could approximate the compensation to the landlord could be for a 90 year lease extension. Comparative properties in Dollis Hill with a long lease were in the region of £240,600. The average amount of ground rent was £65 invoiced quarterly. The lease expired on 8 August 2087. Considering the 62 years remaining we estimated the premium to the landlord to extend the lease to be between £21,900 and £25,200 not including fees.
An example of a Freehold Enfranchisement matter before the tribunal for a Dollis Hill residence is 12 & 12A Deacon Road in May 2010. the Tribunal concluded that the price to be paid for the freehold should be £38,287 This case affected 2 flats. The unexpired term as at the valuation date was 65.58 years.