Why you should start your Dagenham lease extension

Top reasons for lease extension now:

Increase your lease and increase your Dagenham property value

The only way is down when it comes to Dagenham lease terms. Dagenham leaseholds that have a remaining term less than than 80 years will reduce in market price even faster, and the cost of extending your lease will rise.

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

It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Lenders may not finance a property on a short lease

Many banks and building societies will not grant a mortgage on a lease with less than 70 years unexpired - although this varies from lender to lender. A buyer will likely find it difficult to obtain a mortgage and this could result in your Dagenham property becoming difficult to dispose of or refinance.

What makes us experts in Dagenham lease extensions?

Regardless of whether you are a tenant or a landlord in Dagenham,the lease extension lawyers 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 Dagenham valuers.

Dagenham Lease Extension Example Cases:

Aiden, Dagenham, London,

Aiden was the the leasehold proprietor of a high value apartment in Dagenham being marketed with a lease of a few days over 59 years outstanding. Aiden on an informal basis spoke with his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £200 annually. Ordinarily, ground rent would not be due on a lease extension were Aiden to exercise his statutory right. Aiden procured expert legal guidance and secured satisfactory deal informally and readily saleable.

Dagenham case:

In 2011 we were approached by Dr Lauren Phillips who, having completed a studio flat in Dagenham in July 2007. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by ninety years. Comparable properties in Dagenham with 100 year plus lease were in the region of £257,800. The mid-range ground rent payable was £65 invoiced per annum. The lease came to a finish in 2091. Having 65 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £17,100 and £19,800 not including fees.