Main reasons to commence your Dalston lease extension

Top reasons for lease extension now:

Increase your lease and increase your Dalston property value

The market value of Dalston leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase materialy once the unexpired lease term is less than eighty years

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

Leasehold properties in Dalston with more than 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies may not loan monies on a short lease

Most banks and building societies insist on a lengthy amount of time left on a leasehold property before they will contemplate lending on it. Even if you don't need a mortgage, you should be aware that it is probable that someone intending to buy your property in the future might well do, so in the event that they are unable to secure a mortgage, then the value of the property will likely suffer. Since 2008 many banks and building societies have increased the required minimum lease length that they are willing to lend on

What makes us experts in Dalston lease extensions?

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

Dalston Lease Extension Case Summaries:

Leo, Dalston, London

Last October Leo, started to get near to the 80-year threshold with the lease on his purpose- built flat in Dalston. Having purchased his home 19 years previously, the lease term was of little concern. As luck would have it, he noticed he would imminently be paying an escalated premium for Extending the lease. Leo was able to extend his lease just ahead of time in May. Leo and the landlord who owned the flat above eventually settled on a premium of £5,500 . If he had missed the deadline, the sum would have escalated by a minimum £1,050.

Dalston case:

Last August we were phoned by Mr U Sánchez , who completed a purpose-built apartment in Dalston in January 2007. The question was if we could estimate the price would be for a ninety year lease extension. Identical properties in Dalston with 100 year plus lease were in the region of £171,800. The mid-range ground rent payable was £55 invoiced yearly. The lease ran out on 28 February 2076. Taking into account 50 years outstanding we calculated the compensation to the freeholder for the lease extension to be between £33,300 and £38,400 not including professional charges.