Top reasons for Dockland Settlement lease extension

Main reasons to start your Dockland Settlement lease extension today:

Increase your lease and increase your Dockland Settlement property value

Dockland Settlement leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. Most owners of residential leasehold property in Dockland Settlement enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Dockland Settlement you should see if your lease has between 70 and ninety years left. In particular once the remaining lease term slips under 80 years, the compensation to the landlord for any lease extension sharply increases as an element of the premium you will incur is what is known as a marriage value

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

Leasehold premises in Dockland Settlement with in excess of 100 years outstanding on the lease are often referred to as ‘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 upside in buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders may not loan monies with a short lease

Most banks and building societies will be unwilling to grant a mortgage on a lease with under 70 years remaining - although this varies between mortgage companies. A buyer will likely find it difficult in obtaining a mortgage and this could result in your Dockland Settlement property being difficult to dispose of or to obtain finance on.

What makes us experts in Dockland Settlement lease extensions?

Lease extensions in Dockland Settlement can be a difficult process. We recommend you obtain guidance from a lawyer and valuer well versed in the legislation and lease extension process.

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 Studies:

Jackson, Dockland Settlement, London

Half a year ago Jackson, started to get near to the eighty-year mark with the lease on his studio flat in Dockland Settlement. In buying his flat 18 years previously, the unexpired term was of minimal significance. Luckily, he recognised he needed to take action soon on a lease extension. Jackson was able to extend his lease at the eleventh hour last May. Jackson and the landlord ultimately agreed on the final figure of £6,000 . If the lease had descended lower than eighty years, the figure would have increased by at least £1,000.

Dockland Settlement case:

Last Spring we were called by Mr A Peterson , who acquired a garden flat in Dockland Settlement in January 1995. The dilemma was if we could estimate the price would likely be to extend the lease by a further 90 years. Similar homes in Dockland Settlement with an extended lease were in the region of £250,000. The average ground rent payable was £50 invoiced per annum. The lease expiry date was in 2095. Taking into account 69 years remaining we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of fees.