Why you should start your Upminster Bridge lease extension

Main reasons to start your Upminster Bridge lease extension today:

A Upminster Bridge lease depreciates with the years remaining on the lease.

Upminster Bridge leases on residential deteriorating in value. Where your lease has approximately 90 years left, you should start thinking about a lease extension. 80 years is a significant number: when the unexpired term of a lease dips below this level then you start paying an additional element called marriage value. Leasehold owners in Upminster Bridge will usually be legally entitled to a lease extension; however it’s a good idea to check with a conveyancing solicitor to check if you qualify. In some circumstances you may not be entitled. There are also strict deadlines and formalities to follow once the process is triggered so it’s best to be guided by a conveyancer during the process.

Upminster Bridge property with a lease extension has roughly the same value as a freehold

Leasehold premises in Upminster Bridge with in excess of one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges warrant it.

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

Banks and Building Societies have set criteria when loaning monies charged on leasehold homes. Some will simply refrain from lending at all once the residual lease term falls lower than a certain unexpired lease term. Many Banks and Building Societies will not consider property with a remaining below seventy years as adequate security. In addition to impacting your ability to sell, it is also relevant where you are seeking to refinance your Upminster Bridge property.

Why use us for your lease extension in Upminster Bridge?

Lease extensions in Upminster Bridge can be a difficult process. We recommend you get professional help from a conveyancer and surveyor 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 dealing with 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 Case Summaries:

William, Upminster Bridge, London

16 months ago William, started to get close to the eighty-year mark with the lease on his garden flat in Upminster Bridge. In buying his flat two decades ago, the unexpired term was of little relevance. by good luck, he noticed he needed to take steps soon on a lease extension. William extended the lease just in the nick of time in July. William and the landlord in the end settled on sum of £5,000 . If the lease had dipped below eighty years, the sum would have become more exhorbitant by at least £1,100.

Upminster Bridge case:

In 2010 we were e-mailed by Mr and Mrs. A Lee who, having bought a purpose-built apartment in Upminster Bridge in March 2012. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Identical properties in Upminster Bridge with an extended lease were valued around £198,800. The average ground rent payable was £55 invoiced annually. The lease terminated on 14 July 2081. Given that there were 55 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £33,300 and £38,400 plus fees.