Main reasons to start your Dockland Settlement lease extension

Why you should start your Dockland Settlement lease extension today:

Increase your lease and increase your Dockland Settlement property value

There is no doubt about it a leasehold flat or house in Dockland Settlement is a wasting asset as a result of the shortening lease. Where the lease has, over one hundred years remaining then this decrease may be of little impact that being said there will become a stage when a lease has less than eighty years left as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the main reason why you should extend the lease without delay. The majority of flat owners in Dockland Settlement will qualify for this right; however a conveyancing solicitor should be able to advise whether you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

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

It is generally considered that a property with over 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 45 years left, the residence will be worth the same as a freehold for many years in the future.

Mortgage lenders may decide not to grant a mortgage with a short lease

Most mortgage companies insist on a lengthy amount of time left on any leasehold property before they will consider lending on it. Even if you don't require a mortgage, you should bear in mind that it is likely that someone wanting to acquire your property in the future might well do, so in the event that they can't get a mortgage, then the value of your property will likely suffer. Since 2008 most banks and building societies have increased the required minimum lease length that they are willing to accept

Why use us for your lease extension in Dockland Settlement?

Regardless of whether you are a tenant or a freeholder in Dockland Settlement,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 Dockland Settlement valuers.

Dockland Settlement Lease Extension Case Summaries:

Logan, Dockland Settlement, London,

Logan owned a conversion flat in Dockland Settlement on the market with a lease of just over fifty eight years outstanding. Logan on an informal basis approached his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £125 yearly. No ground rent would be due on a lease extension were Logan to exercise his statutory right. Logan procured expert advice and secured satisfactory resolution informally and readily saleable.

Dockland Settlement case:

Mr and Mrs. K Peterson took over the lease of a one bedroom flat in Dockland Settlement in March 2000. The question was if we could approximate the premium would be to extend the lease by 90 years. Identical flats in Dockland Settlement with an extended lease were worth £246,800. The mid-range amount of ground rent was £60 billed monthly. The lease ran out in 2076. Having 50 years as a residual term we calculated the premium to the landlord to extend the lease to be between £44,700 and £51,600 exclusive of expenses.