Top reasons for Dagenham lease extension

Why you should start your Dagenham lease extension today:

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

Dagenham leases on domestic properties are gradually losing value. Where your lease has about ninety years left, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease falls below this level then you begin incurring an additional element called marriage value. Leasehold owners in Dagenham will mostly qualify for a lease extension; however It would be wise to check with a conveyancer to check if you qualify. In some cases you may not be entitled. There are also strict deadlines and procedures to follow once the process has commenced so it’s wise to be guided by a conveyancer during the process.

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

Leasehold residencies in Dagenham with more than 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges warrant it.

Mortgage lenders will not finance a property with a short lease

Lenders will not lend on short residential leases. You are likely to experience problems where you want to sell your flat in Dagenham if the remaining term of your lease is under the criteria set by the majority of lenders. Different lenders have different requirements but generally theyrequire an unexpired term of at least 65 years.

What makes us experts in Dagenham lease extensions?

Irrespective of whether you are a tenant or a freeholder 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 experience and the close ties they enjoy with Dagenham valuers.

Dagenham Lease Extension Case Summaries:

Luca, Dagenham, London

16 months ago Luca, came seriously near to the 80-year threshold with the lease on his ground floor apartment in Dagenham. In buying his property two decades ago, the lease term was of no relevance. Thankfully, he realised he needed to take action soon on a lease extension. Luca was able to extend his lease just ahead of time last July. Luca and the landlord who owned the flat above subsequently agreed on a premium of £5,000 . If the lease had dropped lower than 80 years, the amount would have become more costly by at least £1,100.

Dagenham case:

Ms K Adams owned a one bedroom flat in Dagenham in October 2001. We are asked if we could shed any light on how much (roughly) premium could be to extend the lease by 90 years. Comparative properties in Dagenham with a long lease were valued around £260,200. The mid-range ground rent payable was £65 billed per annum. The lease came to a finish in 2092. Taking into account 66 years remaining we calculated the premium to the freeholder to extend the lease to be between £14,300 and £16,400 not including costs.