Main reasons to commence your Dartford lease extension

Why you should start your Dartford lease extension today:

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

For anyone whose Dartford flat is held on a long lease, our message is clear – if nothing is done, the property will ultimately revert to the freeholder, leaving you empty-handed. The shorter the lease the lower the value of the property and the more it will cost to extend the lease.

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

It is generally accepted that a property with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 45 years remaining, the premises will be equivalent in value to a freehold for many years ahead.

Lending institutions may not loan monies on a short lease

The trend since over the last decade has been for banks to tighten lending requirements generally - this has extended to the types of security over which the mortgage is to be granted. This has meant the minimum number of years remaining under the lease required by banks has increased. In the past banks would grant a mortgage on a lease with twenty years plus the term of the loan - typically fifty year leases but those requirements have been chipped away by the requirement for longer and longer leases - many use a minimum term of 75 years as a prerequisite.

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

Lease extensions in Dartford can be a difficult process. We recommend you get guidance from a conveyancer and surveyor with experience in this area.

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 a wealth of experience dealing with Dartford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Dartford Lease Extension Example Cases:

Finn, Dartford, Kent,

Finn owned a high value apartment in Dartford being sold with a lease of a few days over 72 years outstanding. Finn informally approached his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £200 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Finn to exercise his statutory right. Finn procured expert advice and secured satisfactory resolution informally and readily saleable.

Dartford case:

In 2010 we were e-mailed by Ms P Mitchell who, having owned a basement apartment in Dartford in April 2010. We are asked if we could shed any light on how much (roughly) price could be for a ninety year extension to my lease. Identical premises in Dartford with a long lease were in the region of £181,600. The average amount of ground rent was £55 collected every twelve months. The lease elapsed in 2078. Having 52 years outstanding we calculated the compensation to the landlord for the lease extension to be between £30,400 and £35,200 not including fees.