Main reasons to commence your Dartford lease extension

Main reasons to commence your Dartford lease extension today:

A Dartford lease depreciates with the years remaining on the lease.

For anyone whose Dartford home is held on a long lease, the message is clear – if nothing is done, your property will ultimately revert to your landlord, leaving you empty-handed. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Dartford with over 100 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 premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.

Lenders may not loan monies on a short lease

The definition of a short lease varies by mortgage company, yet mortgage lenders start to get concerned at around 75 years. This will cause difficulties once you come to dispose of or refinance your property as it will be practically unmortgageable. Even though you might have no imminent plan to sell but when you do your buyer will have to hold off for two years before being able to exercise the right to a a lease extension.

Get in touch with one of our Dartford lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a freeholder in Dartford,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Dartford valuers.

Dartford Lease Extension Case Studies:

Madeleine, Dartford, Kent,

Off the back of unsuccessful discussions with the freeholder of her basement flat in Dartford, Madeleine initiated the lease extension process just as her lease was coming close to the critical eighty-year mark. The transaction was concluded in June 2014. The landlord’s costs were kept to an absolute minimum.

Dartford case:

Mr and Mrs. B Rogers was assigned a lease of a studio apartment in Dartford in October 2012. We are asked if we could shed any light on how much (roughly) price would likely be for a 90 year extension to my lease. Comparable residencies in Dartford with an extended lease were in the region of £290,000. The average amount of ground rent was £45 billed every twelve months. The lease elapsed on 19 June 2098. Taking into account 72 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £11,400 and £13,200 plus professional charges.