Top reasons for Dartford lease extension

Main reasons to start your Dartford lease extension today:

Increase your lease and increase your Dartford property value

There is no doubt about it a leasehold property in Dartford is a wasting asset as a result of the shortening lease. If the residual term has, in excess of one hundred years remaining then this decrease may be of little impact nevertheless there will become a stage when a lease has under than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main reason why you should extend the lease sooner than later. The majority of flat owners in Dartford will meet the qualifying criteria; that being said a lawyer can advise whether you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.

Dartford property with a lease extension has roughly the same value as a freehold

Leasehold premises in Dartford with more than one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges justify it.

Mortgage lenders will not loan monies with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet mortgage lenders start to become nervous at around 75 years. This may be problematic once you come to sell or refinance your flat as it will be effectively unmortgageable. You might not have an imminent desire to sell but when you do your buyer must wait a couple of years before they can start the legal procedures for an extension to the lease.

What makes us experts in Dartford lease extensions?

The conveyancing solicitors that we work with handle Dartford lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Dartford Lease Extension Case Studies:

Jude, Dartford, Kent

14 months ago Jude, came perilously near to the 80-year mark with the lease on his basement flat in Dartford. Having bought his property twenty years ago, the length of the lease was of little bearing. Luckily, he recognised he would soon be paying an inflated amount for Extending the lease. Jude extended the lease just ahead of time last August. Jude and the freeholder subsequently settled on the final figure of £6,000 . If he not met the deadline, the sum would have gone up by at least £1,150.

Dartford case:

Dr Rory Davies was assigned a lease of a ground floor apartment in Dartford in August 2002. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparative residencies in Dartford with a long lease were valued about £275,000. The average amount of ground rent was £65 billed quarterly. The lease end date was on 23 April 2094. Considering the 68 years left we approximated the premium to the landlord for the lease extension to be within £13,300 and £15,400 exclusive of legals.