Why you should start your Dagenham lease extension

Main reasons to start your Dagenham lease extension today:

A Dagenham lease depreciates with the years remaining on the lease.

On the balance of probabilities if you own a flat in Dagenham you actually own a long leasehold interest over your property

Dagenham property with a lease extension has roughly the same value as a freehold

Leasehold properties in Dagenham with over 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges justify it.

Banks and Building Societies will not loan monies with a short lease

Banks and building societies are really clamping down as regards to properties in Dagenham with short leases. For example you might discover that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so if you wanted to sell, your remaining options would be to find a cash purchaser, or hope for the best at auction thus reducing the amount of prospective buyers.

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

Irrespective of whether you are a tenant or a landlord in Dagenham,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Dagenham valuers.

Dagenham Lease Extension Example Cases:

Harvey, Dagenham, London

Last October Harvey, came seriously close to the 80-year threshold with the lease on his studio flat in Dagenham. Having bought his flat 18 years previously, the length of the lease was of minimal relevance. As luck would have it, he realised he needed to take steps soon on a lease extension. Harvey was able to extend his lease at the eleventh hour last May. Harvey and the landlord who owned the flat above subsequently settled on sum of £5,500 . If the lease had dropped to less than eighty years, the premium would have increased by a minimum £1,050.

Dagenham case:

Ms Niamh Lee owned a recently refurbished apartment in Dagenham in February 2000. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by an additional years. Comparable flats in Dagenham with an extended lease were valued about £233,200. The mid-range amount of ground rent was £60 collected yearly. The lease expired in 2087. Considering the 61 years as a residual term we estimated the premium to the landlord to extend the lease to be within £22,800 and £26,400 not including expenses.