Top reasons for Upminster Bridge lease extension

Main reasons to commence your Upminster Bridge lease extension today:

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 accordingly any extension of your lease becomes more expensive. It is the case that most Upminster Bridge tenants have the right to extend their lease by an additional 90 years by virtue of the 1993 Leasehold Reform Act. If you are a leasehold owner in Upminster Bridge you really ought to check if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under 80 years, the amount payable for any lease extension increases dramatically as part of the premium you will incur is what is known as a marriage value

An extended lease is almost the same value as a freehold

Leasehold properties in Upminster Bridge with more than one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges merit it.

Lending institutions may not loan monies on a short lease

Mortgage companies do not like short residential leases. You most probably encounter difficulties if you need to sell your flat in Upminster Bridge if the unexpired term of your lease is below the criteria set by the majority of banks and building societies. Different lenders have varying criteria but in the main they are looking for an unexpired term of at least 65 years.

Why use us for your lease extension in Upminster Bridge?

The lawyers that we work with handle 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 conveyancer we work with provide it.

Upminster Bridge Lease Extension Case Studies:

Ethan, Upminster Bridge, London,

Ethan owned a studio flat in Upminster Bridge on the market with a lease of just over sixty years remaining. Ethan on an informal basis approached his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £200 annually. Ordinarily, ground rent would not be due on a lease extension were Ethan to invoke his statutory right. Ethan procured expert advice and secured satisfactory deal informally and readily saleable.

Upminster Bridge case:

In 2010 we were phoned by Mr Kyle Parker who, having was assigned a lease of a newly refurbished apartment in Upminster Bridge in July 2011. The dilemma was if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Comparative flats in Upminster Bridge with 100 year plus lease were worth £267,600. The average ground rent payable was £65 collected yearly. The lease expiry date was on 14 April 2093. Given that there were 67 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £14,300 and £16,400 exclusive of costs.