Why you should start your Upminster Bridge lease extension

Why you should commence your Upminster Bridge lease extension today:

Increase your lease and increase your Upminster Bridge property value

Upminster Bridge leases on residential deteriorating in value. Where your lease has approximately ninety years unexpired, you should start thinking about a lease extension. Eighty years is a significant number: when the remaining term of a lease drops below this level then you start incurring an additional element called marriage value. Flat owners in Upminster Bridge will mostly qualify for a lease extension; however It would be wise to check with a lawyer to confirm your eligibility. In certain cases you may not be entitled. There are also strict timetables and formalities to follow once the process has started so it’s prudent to be guided by a conveyancer during the process.

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with more than 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the property will be worth the same as a freehold for many years in the future.

Mortgage lenders will not grant a mortgage with a short lease

Lenders are making their criteria more stringent and a meaningful number now require flats to have a minimum of sixty if not seventy years remaining once the mortgage has expired. As plenty of flats in Upminster Bridge were built in the fifties, sixties and seventies this means many now require lease extensions if they wish to get a mortgage.

Why use us for your lease extension in Upminster Bridge?

Irrespective of whether you are a tenant or a freeholder in Upminster Bridge,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 in-depth market knowledge and the close ties they enjoy with Upminster Bridge valuers.

Upminster Bridge Lease Extension Case Studies:

Stanley, Upminster Bridge, London

In recent months Stanley, started to get close to the eighty-year mark with the lease on his ground floor flat in Upminster Bridge. In buying his home two decades ago, the length of the lease was of minimal interest. As luck would have it, he realised he needed to take action soon on Extending the lease. Stanley was able to extend his lease just in the nick of time in May. Stanley and the landlord in the end agreed on sum of £6,000 . If the lease had fallen lower than eighty years, the amount would have escalated by a minimum £925.

Upminster Bridge case:

Last Spring we were phoned by Dr R Clarke , who owned a purpose-built flat in Upminster Bridge in August 2007. The dilemma was if we could estimate the price could be to extend the lease by ninety years. Similar properties in Upminster Bridge with a long lease were in the region of £174,200. The average ground rent payable was £55 billed per annum. The lease concluded in 2077. Given that there were 51 years left we approximated the compensation to the landlord to extend the lease to be between £31,400 and £36,200 plus fees.