Why you should start your Dagenham lease extension

Main reasons to commence your Dagenham lease extension today:

Increase your lease and increase your Dagenham property value

Dagenham leases on domestic properties are gradually losing value. if your lease has about ninety years remaining, you should start considering the need for a lease extension. An important point to note is that it is desirable for a lease extension to be in place before the term of the existing lease dips lower than 80 years - otherwise a higher premium will be payable. Leasehold owners in Dagenham will usually be legally entitled to a lease extension; however it’s a good idea to check with a lawyer to confirm if you qualify. In some situations you may not be entitled. There are prescribed timetables and procedures to follow once the process has commenced so it’s best to be guided by a lawyer during the process.

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with in excess of 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the residence will be worth the same as a freehold for many years ahead.

Lenders may not finance a property on a short lease

Lenders are inclined not grant a mortgage on short residential leases. You are likely to encounter difficulties if you wish to sell your flat in Dagenham if the unexpired term of your lease is below the criteria set by the majority of mortgage companies. Different mortgage companies have varying requirements but generally theyrequire an unexpired term of at least 65 years.

What makes us experts in Dagenham lease extensions?

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

Dagenham Lease Extension Example Cases:

Henry, Dagenham, London,

Henry was the the leasehold proprietor of a 2 bedroom flat in Dagenham on the market with a lease of a little over 72 years left. Henry on an informal basis approached his landlord being a well known Manchester-based freehold company for a lease extension. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Henry to exercise his statutory right. Henry procured expert legal guidance and secured an acceptable deal without resorting to tribunal and readily saleable.

Dagenham case:

In 2014 we were phoned by Mr S Martínez who, having bought a one bedroom flat in Dagenham in October 1999. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by a further 90 years. Identical homes in Dagenham with a long lease were worth £225,800. The mid-range amount of ground rent was £60 billed every twelve months. The lease came to a finish on 19 June 2086. Given that there were 60 years remaining we estimated the compensation to the landlord to extend the lease to be between £23,800 and £27,400 not including expenses.