Top reasons for Dockland Settlement lease extension

Main reasons to commence your Dockland Settlement lease extension today:

Increase your lease and increase your Dockland Settlement property value

The only way is down when it comes to Dockland Settlement lease terms. Dockland Settlement properties that have a lease term shorter than 80 years will drop in market price even faster, and the cost to extend your lease will go up.

An extended lease has roughly the same value as a freehold

Leasehold premises in Dockland Settlement with in excess of one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.

Lending institutions may not loan monies on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet lending institutions start to get concerned at around 75 years. This will be problematic once you come to sell or remortgage your flat as it will be practically unmortgageable. You might not have an immediate desire to sell but when you do your buyer will have to hold off for 2 years before they can exercise the right to a an extension to the lease.

Why use us for your lease extension in Dockland Settlement?

Lease extensions in Dockland Settlement can be a difficult process. We recommend you get professional help 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 procuring Dockland Settlement lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Dockland Settlement Lease Extension Case Summaries:

Catherine, Dockland Settlement, London,

Following unsuccessful discussions with the landlord of her ground floor apartment in Dockland Settlement, Catherine initiated the lease extension process just as her lease was coming close to the critical 80-year threshold. The legal work was finalised in September 2009. The landlord’s charges were kept to an absolute minimum.

Dockland Settlement case:

In 2009 we were phoned by Mr and Mrs. B Bernard who, having bought a ground floor flat in Dockland Settlement in October 2001. The dilemma was if we could estimate the premium would likely be for a ninety year lease extension. Similar premises in Dockland Settlement with a long lease were worth £227,800. The mid-range ground rent payable was £45 billed monthly. The lease finished on 9 September 2091. Taking into account 65 years outstanding we approximated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 not including fees.