Why you should start your Upminster Bridge lease extension

Main reasons to commence your Upminster Bridge lease extension today:

Increase your lease and increase your Upminster Bridge property value

The value of Upminster Bridge leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase materialy once the remaining term is less than 80 years

Upminster Bridge property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with more than 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Mortgage lenders may not lend on a short lease

Banks and Building Societies have specific criteria when lending monies charged on leasehold property. Many will simply not lend at all once the remaining lease term slips lower than a specified unexpired lease term. Many Lending institutions will not consider property with an unexpired term of less than seventy years as acceptable security. As well as this being important when selling, it is also relevant where you are seeking to refinance your Upminster Bridge home.

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

Lease extensions in Upminster Bridge can be a difficult process. We recommend you get professional help from a conveyancing solicitor 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 in-depth market knowledge procuring Upminster Bridge lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Upminster Bridge Lease Extension Example Cases:

Francesca, Upminster Bridge, London,

In the wake of 6 months of protracted discussions with the landlord of her two bedroom apartment in Upminster Bridge, Francesca initiated the lease extension process as the eighty year mark was rapidly nearing. The lease extension completed in May 2005. The landlord’s charges were kept to an absolute minimum.

Upminster Bridge case:

Ms J Díaz purchased a first floor flat in Upminster Bridge in September 2005. We are asked if we could estimate the price could be to prolong the lease by a further 90 years. Comparative homes in Upminster Bridge with an extended lease were worth £200,000. The mid-range amount of ground rent was £50 collected annually. The lease expiry date was in 2104. Considering the 78 years unexpired we calculated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of expenses.