Why you should commence your Dagenham lease extension

Why you should commence your Dagenham lease extension today:

Increase your lease and increase your Dagenham property value

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

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

It is generally accepted that a residential leasehold with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Banks and Building Societies will not grant a mortgage with a short lease

The trend since the credit crunch has been for lenders to tighten lending criteria generally - this has extended to the types of security over which the mortgage is to be granted. This has resulted in the unexpired lease term required by banks has increased. In the past lenders were content with twenty years plus the term of the loan - typically 50 year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many now have a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Dagenham?

Lease extensions in Dagenham can be a difficult process. We recommend you secure guidance from a conveyancer and valuer well versed in the legislation and lease extension process.

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 a wealth of experience procuring Dagenham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Dagenham Lease Extension Example Cases:

David, Dagenham, London,

David owned a studio apartment in Dagenham being marketed with a lease of just over 59 years remaining. David informally approached his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £125 per annum. No ground rent would be payable on a lease extension were David to exercise his statutory right. David procured expert advice and was able to make a more informed judgement and handle with the matter and sell the property.

Dagenham case:

Dr Noah Gómez purchased a recently refurbished flat in Dagenham in July 2010. The question was if we could estimate the compensation to the landlord would be for a ninety year lease extension. Comparative premises in Dagenham with 100 year plus lease were valued about £200,000. The mid-range ground rent payable was £50 billed annually. The lease expired on 24 March 2103. Having 77 years left we approximated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 plus legals.