Main reasons to commence your Dockland Settlement lease extension

Top reasons for lease extension now:

A Dockland Settlement leasehold property depreciates with the years remaining on the lease.

Dockland Settlement leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. It is the case that most Dockland Settlement tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. If you are a leasehold owner in Dockland Settlement you would be well advised to check if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under 80 years, the cost of any lease extension increases dramatically as an element of the premium you pay is what is known as a marriage value

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

It is generally accepted that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 35 years left, the residence will be equivalent in value to a freehold for decades to come.

Mortgage lenders will not lend with a short lease

Mortgage companies are tightening their criteria and many now require flats to have at least 60 if not 70 years remaining at the expiry of the mortgage. Considering plenty of flats in Dockland Settlement were built in the 1950s, 1960s and 1970s this means many now require lease extensions if they wish to obtain a mortgage.

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

Regardless of whether you are a tenant or a freeholder in Dockland Settlement,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Dockland Settlement valuers.

Dockland Settlement Lease Extension Example Cases:

Bethany, Dockland Settlement, London,

In the wake of 9 months of lengthy correspondence with the landlord of her basement flat in Dockland Settlement, Bethany started the lease extension process just as her lease was nearing the crucial eighty-year mark. The lease extension was finalised in September 2015. The freeholder’s charges were kept to an absolute minimum.

Dockland Settlement case:

Last Spring we were called by Mrs I Michel , who took over the lease of a purpose-built apartment in Dockland Settlement in September 1999. The question was if we could estimate the premium would be for a 90 year lease extension. Similar flats in Dockland Settlement with 100 year plus lease were in the region of £208,200. The mid-range amount of ground rent was £65 billed per annum. The lease elapsed on 18 November 2087. Having 61 years left we calculated the premium to the freeholder to extend the lease to be between £20,000 and £23,000 not including costs.