Why you should commence your Upminster lease extension

Why you should commence your Upminster lease extension today:

Increase your lease and increase your Upminster property value

Upminster residential property held on a long lease is a wasting asset as the leaseholder only owns the property for a set term.

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

It is generally considered that a residential leasehold with over 100 years remaining is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the residence will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may not loan monies with a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to become concerned at around 75 years. This may cause difficulties when you wish to dispose of or remortgage your flat as it will be effectively unmortgageable. You may not have an imminent plan to sell but when you do your buyer must hold off for 2 years before being able to exercise the right to a a lease extension.

Why use us for your lease extension in Upminster?

The conveyancers that we work with procure Upminster 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 Lease Extension Case Summaries:

Mia, Upminster, London,

Subsequent to unsuccessful discussions with the landlord of her studio flat in Upminster, Mia initiated the lease extension process just as the lease was nearing the all-important 80-year threshold. The legal work completed in January 2011. The freeholder’s costs were kept to an absolute minimum.

Upminster case:

In 2011 we were called by Mr and Mrs. S Robinson who, having took over the lease of a purpose-built apartment in Upminster in January 2012. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by an additional years. Comparable residencies in Upminster with 100 year plus lease were worth £213,600. The average amount of ground rent was £60 billed per annum. The lease elapsed in 2083. Considering the 57 years outstanding we calculated the premium to the landlord to extend the lease to be within £30,400 and £35,200 exclusive of expenses.