Top reasons for Upminster Bridge lease extension

Top reasons for lease extension now:

Increase your lease and increase your Upminster Bridge property value

Upminster Bridge leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Legislation has been in place for sometime now which permits qualifying Upminster Bridge residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Upminster Bridge you should see if your lease has between 70 and ninety years remaining. In particular once the remaining lease term slips under eighty years, the cost of any lease extension sharply increases as part of the premium you pay is what is known as a marriage value

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

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the premises will be worth the same as a freehold for decades to come.

Lending institutions may not lend on a short lease

Most mortgage companies will not lend on a lease with under seventy years left to run - although this varies between mortgage companies. A buyer will undoubtedly find it difficult to obtain a mortgage and this could result in your Upminster Bridge property being difficult to sell or to obtain finance on.

Why use us for your lease extension in Upminster Bridge?

The lawyers that we work with undertake Upminster Bridge lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Upminster Bridge Lease Extension Example Cases:

Archie, Upminster Bridge, London,

Archie owned a high value apartment in Upminster Bridge on the market with a lease of fraction over 72 years left. Archie informally contacted his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £50 annually. Ordinarily, ground rent would not be payable on a lease extension were Archie to exercise his statutory right. Archie procured expert advice and was able to make a more informed judgement and deal with the matter and ending up with a market value flat.

Upminster Bridge case:

Last January we were contacted by Mr and Mrs. L Cook , who purchased a basement flat in Upminster Bridge in August 1999. The dilemma was if we could estimate the price could be for a ninety year lease extension. Identical properties in Upminster Bridge with an extended lease were worth £280,000. The mid-range ground rent payable was £45 billed annually. The lease came to a finish in 2097. Given that there were 71 years as a residual term we calculated the premium to the landlord to extend the lease to be within £12,400 and £14,200 plus expenses.