Why you should start your Dalston lease extension

Main reasons to commence your Dalston lease extension today:

A Dalston leasehold property depreciates with the years remaining on the lease.

With a long leasehold premises in Dalston, you effectively rent it for a certain amount of time. These days flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you may think about extending the lease sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly notably once there are less than 80 years remaining. Residents in Dalston with a lease drawing near to 81 years remaining should seriously consider extending it without delay. Once a lease has fewer than 80 years left, under the current legislation the landlord can calculate and demand a greater amount, based on a technical multiplication, strangely termed as “marriage value” which is payable.

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with more than 100 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 equivalent in value to a freehold for many years ahead.

Lending institutions may decide not to grant a mortgage with a short lease

Mortgage companies do not lend on short residential leases. You most probably experience problems if you want to sell your flat in Dalston if the remaining lease term is below the criteria set by the majority of lenders. Different lenders have different criteria but generally theyrequire a minimum remaining lease term of 65 years.

Why use us for your lease extension in Dalston?

Engaging our service will provide you enhanced control over the value of your Dalston leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Dalston Lease Extension Example Cases:

Tommy, Dalston, London

In 2014 Tommy, started to get close to the 80-year mark with the lease on his studio apartment in Dalston. In buying his home 18 years ago, the length of the lease was of little concern. Thankfully, he noticed he would imminently be paying way over the odds for a lease extension. Tommy extended the lease just under the wire last May. Tommy and the landlord in the end settled on an amount of £5,000 . If the lease had slid below 80 years, the sum would have escalated by at least £1,000.

Dalston case:

Last Summer we were phoned by Mrs T Alexander , who owned a recently refurbished flat in Dalston in September 2009. We are asked if we could estimate the premium could be to extend the lease by ninety years. Similar flats in Dalston with a long lease were in the region of £267,600. The average amount of ground rent was £65 billed monthly. The lease concluded on 20 October 2093. Given that there were 67 years left we estimated the compensation to the landlord for the lease extension to be between £14,300 and £16,400 not including expenses.