Main reasons to commence your Upminster lease extension

Why you should commence your Upminster lease extension today:

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

Upminster leases on domestic properties are gradually losing value. if your lease has in the region of 90 years unexpired, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for a lease extension to take place before the term of the current lease drops under eighty years - otherwise a higher amount will be payable. Flat owners in Upminster will usually qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to check if you qualify. In some cases you may not qualify. There are also strict deadlines and steps to comply with once the process is triggered so it’s wise to be guided by a conveyancing solicitor during the process.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Upminster with in excess of 100 years remaining 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 premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

Mortgage lenders may not loan monies with a short lease

Mortgage companies are tightening their criteria and many now require flats to have at least sixty if not seventy years left at the expiry of the mortgage. Given that a number of flats in Upminster were built in the 1950s, 1960s and 1970s as a result many now need to be extended if they wish to get a mortgage.

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

Lease extensions in Upminster can be a difficult process. We recommend you get guidance 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 a wealth of experience dealing with Upminster lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Upminster Lease Extension Case Summaries:

Ryan, Upminster, London

In 2014 Ryan, came perilously close to the eighty-year threshold with the lease on his first floor flat in Upminster. In buying his property two decades ago, the lease term was of minimal importance. As luck would have it, he recognised he would imminently be paying way over the odds for a lease extension. Ryan arranged for a lease extension just under the wire in June. Ryan and the landlord subsequently agreed on the final figure of £5,000 . If the lease had slid lower than 80 years, the sum would have increased by a minimum £1,000.

Upminster case:

Mr W Campbell bought a first floor flat in Upminster in September 2005. The question was if we could shed any light on how much (approximately) price would be for a ninety year lease extension. Similar properties in Upminster with a long lease were valued around £290,000. The mid-range amount of ground rent was £45 billed monthly. The lease elapsed in 2098. Having 72 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £11,400 and £13,200 not including fees.