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Why you should start your Upton lease extension

Main reasons to commence your Upton lease extension today:

A Upton leasehold property depreciates with the years remaining on the lease.

On the balance of probabilities if you own a flat in Upton you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold premises in Upton with in excess of 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges warrant it.

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

Mortgage lenders have set criteria when loaning funds secured on leasehold property. Some will simply refrain from lending at all once an unexpired lease term slips beneath a specified unexpired lease term. Many Mortgage lenders will not regard property with a remaining term of less than seventy years as acceptable security. In addition to this being important when selling, it is also relevant where you are intending to remortgage your Upton home.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Halifax Minimum 70 years from the date of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

What makes us experts in Upton lease extensions?

Irrespective of whether you are a tenant or a freeholder in Upton,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Upton valuers.

Upton Lease Extension Example Cases:

Bethan, Upton, Merseyside,

Off the back of lengthy discussions with the landlord of her two bedroom apartment in Upton, Bethan commenced the lease extension process as the 80 year threshold was fast coming. The transaction was concluded in August 2011. The freeholder’s costs were kept to an absolute minimum.

Upton case:

Mrs Jessica Bonnet purchased a studio apartment in Upton in September 1996. The question was if we could approximate the premium would likely be to extend the lease by a further 90 years. Comparable residencies in Upton with an extended lease were worth £280,000. The average amount of ground rent was £55 invoiced quarterly. The lease expired on 18 July 2103. Given that there were 78 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 exclusive of expenses.

Decision in Bexley

An example of a Lease Extension case for a Upton property is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case was in relation to 13 flats. The unexpired term as at the valuation date was 76 years.