Main reasons to 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.

It’s an underpublicised truth that a Upton residential lease is a deteriorating asset. As the lease term diminishes so does the value of the property. The extent of this is taken for granted in the early years due to the depreciation being disguised by increases in the Upton property market.Where your lease has approximately 90 years left, you should start considering a lease extension. If lease term falls below 80 years, you will then be required to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add the property Most flat owners in Upton will be able to extend under the legislation; however a lawyer will be able to confirm if you are eligibility. In some situations you may not be entitled. There are also strict timeframes and procedures to be adhered to once the process is instigated and you will need to be guided by your conveyancing solicitor for the duration of the process.

An extended lease is almost the same value as a freehold

Leasehold premises in Upton with in excess of one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value 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 maintenance charges merit it.

Mortgage lenders may not loan monies on a short lease

Lenders do not like short residential leases. You most probably experience difficulties if you need to sell your flat in Upton if the remaining lease term is under the criteria set by most banks and building societies. Different lenders have varying criteria but on the whole theyrequire an unexpired term of at least 65 years.

Why use us for your lease extension in Upton?

Irrespective of whether you are a tenant or a landlord in Upton,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 in-depth market knowledge and the close ties they enjoy with Upton valuers.

Upton Lease Extension Case Studies:

James, Upton, Merseyside

During the course of the last few months James, started to get close to the 80-year mark with the lease on his two bedroom flat in Upton. In buying his flat 18 years previously, the unexpired term was of minimal importance. Luckily, he realised he would soon be paying an escalated premium for a lease extension. James extended the lease at the eleventh hour in April. James and the landlord who owned the flat above ultimately agreed on an amount of £5,500 . If the lease had descended to less than eighty years, the price would have increased by at least £850.

Upton case:

Dr K Torres was assigned a lease of a first floor apartment in Upton in April 2011. We are asked if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Similar properties in Upton with a long lease were valued around £176,200. The mid-range amount of ground rent was £65 invoiced quarterly. The lease concluded in 2082. Having 56 years outstanding we approximated the premium to the landlord to extend the lease to be within £29,500 and £34,000 plus costs.