Why you should start your Dagenham lease extension

Main reasons to start your Dagenham lease extension today:

Increase your lease and increase your Dagenham property value

Dagenham leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. Legislation has been in place for sometime now which entitles qualifying Dagenham residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Dagenham you must check if your lease has between 70 and ninety years remaining. There are compelling reasons why a Dagenham leaseholder with a lease having around 80 years remaining should take steps to make sure that a lease extension is put in place without delay

An extended lease has roughly the same value as a freehold

Leasehold residencies in Dagenham with in excess of one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies may decide not to issue a mortgage on a short lease

What makes us experts in Dagenham lease extensions?

Irrespective of whether you are a tenant or a landlord in Dagenham,the lease extension lawyers 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:

Charlotte, Dagenham, London,

Trailing unsuccessful negotiations with the landlord of her one bedroom flat in Dagenham, Charlotte commenced the lease extension process just as the lease was nearing the all-important 80-year mark. The transaction was finalised in March 2009. The freeholder’s charges were restricted to below five hundred pounds.

Dagenham case:

Mrs Hollie Mason completed a one bedroom flat in Dagenham in February 2001. We are asked if we could approximate the premium would likely be for a 90 year extension to my lease. Comparative flats in Dagenham with a long lease were valued about £275,000. The average amount of ground rent was £45 billed quarterly. The lease ran out in 2095. Taking into account 69 years left we calculated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 plus costs.