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 diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. The majority of owners of residential leasehold property in Upminster Bridge enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Upminster Bridge you really ought to check if your lease has between 70 and ninety years remaining. There are good reasons why a Upminster Bridge leaseholder with a lease having around 80 years left should take steps to ensure that a lease extension is actioned without delay

An extended lease has roughly the same value as a freehold

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

Banks and Building Societies may not finance a property with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to become jittery at around 75 years. This will be problematic as and when you need to market or remortgage your property as it will be effectively unmortgageable. You might have no imminent intention to sell but when you do your purchaser will have to wait a couple of years before they can exercise the right to a an extension to the lease.

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

Regardless of whether you are a tenant or a freeholder in Upminster Bridge,the lease extension lawyers 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 Example Cases:

Lucas, Upminster Bridge, London,

Lucas was the the leasehold proprietor of a 2 bedroom apartment in Upminster Bridge being marketed with a lease of fraction over 59 years unexpired. Lucas informally spoke with his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent initially set at £150 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Lucas to invoke his statutory right. Lucas obtained expert advice and was able to make an informed judgement and handle with the matter and ending up with a market value flat.

Upminster Bridge case:

In 2011 we were approached by Mr and Mrs. C Gray who, having moved into a purpose-built flat in Upminster Bridge in May 1998. We are asked if we could shed any light on how much (approximately) price would likely be to extend the lease by ninety years. Identical residencies in Upminster Bridge with 100 year plus lease were valued around £243,000. The mid-range ground rent payable was £65 billed quarterly. The lease lapsed in 2089. Having 63 years as a residual term we calculated the premium to the landlord to extend the lease to be between £20,000 and £23,000 exclusive of professional charges.