Upminster Bridge Lease Extension - Free Consultation

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Before you progress with your lease extension in Upminster Bridge
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Top reasons for Upminster Bridge lease extension

Why you should start your Upminster Bridge lease extension today:

Increase your lease and increase your Upminster Bridge property value

Chances are that if you own a flat in Upminster Bridge you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Mortgage lenders will not grant a mortgage on a short lease

Banks and Building Societies have set criteria when loaning monies charged on leasehold homes. Some will simply refuse lend at all once an unexpired lease term slips beneath a specified unexpired lease term. Many Lending institutions will not consider property with a remaining below seventy years suitable security. In addition to impacting your ability to sell, it is also relevant if you are intending to refinance your Upminster Bridge property.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Halifax Minimum 70 years from the date of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

Get in touch with one of our Upminster Bridge lease extension solicitors or enfranchisement solicitors

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

Upminster Bridge Lease Extension Case Studies:

Sian, Upminster Bridge, London,

After protracted correspondence with the landlord of her purpose-built flat in Upminster Bridge, Sian started the lease extension process just as the lease was approaching the critical eighty-year threshold. The transaction was finalised in May 2012. The landlord’s costs were kept to an absolute minimum.

Upminster Bridge case:

Last Christmas we were called by Mr Finn Watson , who was assigned a lease of a studio apartment in Upminster Bridge in October 2002. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by an additional years. Comparable residencies in Upminster Bridge with 100 year plus lease were worth £206,200. The mid-range ground rent payable was £60 invoiced every twelve months. The lease ended in 2081. Taking into account 56 years as a residual term we approximated the compensation to the landlord to extend the lease to be within £31,400 and £36,200 not including fees.

Decision in Havering

An example of a Lease Extension case for a Upminster Bridge premises is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case affected 1 flat. The number of years remaining on the existing lease(s) was 57.5 years.