Top reasons for Dalston lease extension

Why you should start your Dalston lease extension today:

Increase your lease and increase your Dalston property value

It’s an underpublicised certainty that a Dalston residential lease is a deteriorating asset. The lease value drops in proportion to its lease length. The extent of this is not fully appreciated in the first few years due to the loss of value being disguised by increases in the Dalston property prices.Once your lease gets to 85ish years, you should start considering a lease extension. If lease term drops under 80 years, you will then be required to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property Most leasehold owners in Dalston will be able to extend under the legislation; however a conveyancer will be able to clarify if you are eligibility. In some cases you may not qualify. There are also strict deadlines and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancer for the duration of the formalities.

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

It is conventional wisdom that a property with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for many years in the future.

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

Nearly all banks and building societies will not grant a mortgage on a lease with under 70 years remaining - although this varies between mortgage companies. A buyer will likely find it difficult in obtaining a mortgage and this could result in your Dalston property being difficult to sell or refinance.

Why use us for your lease extension in Dalston?

Lease extensions in Dalston can be a difficult process. We recommend you procure professional help from a conveyancer and surveyor with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Dalston lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Dalston Lease Extension Case Summaries:

Charlotte, Dalston, London,

Trailing lengthy discussions with the landlord of her studio flat in Dalston, Charlotte initiated the lease extension process as the 80 year threshold was swiftly coming. The lease extension completed in June 2005. The freeholder’s charges were kept to an absolute minimum.

Dalston case:

Last Winter we were contacted by Mr Aaron Evans , who completed a one bedroom flat in Dalston in March 2009. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparable homes in Dalston with an extended lease were valued about £196,400. The average ground rent payable was £55 collected annually. The lease expired in 2080. Considering the 54 years as a residual term we estimated the compensation to the freeholder for the lease extension to be within £34,200 and £39,600 exclusive of fees.