Upton Lease Extension - Free Consultation

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Why you should commence your Upton lease extension


Top reasons for lease extension now:

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

As the length of the unexpired term of a Upton residential lease decreases so does its value and therefore the value of your property. If the residual term has, over one hundred years to run then this decrease may be negligible nevertheless there will become a stage when a lease has less than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the main reason why you should consider extending without delay. Most flat owners in Upton will qualify for this right; however a lawyer can confirm if you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

Upton property with a lease extension is almost the same value as a freehold

Leasehold residencies in Upton with over 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 property. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges justify it.

Lending institutions will not grant a mortgage on a short lease

Lenders do not like short residential leases. You are likely to encounter problems if you wish to sell your flat in Upton if the remaining lease term is below the criteria set by the majority of banks and building societies. Different mortgage companies have different criteria but on the whole theyrequire a minimum remaining lease term of seventy years.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Santander You must report the unexpired lease term to us and await our instructions if:
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided
However, we will not accept a lease where on expiry of the mortgage:
(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or
(ii) less than 30 years remain and the loan is repaid on a capital and interest basis

We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
Royal Bank of Scotland Mortgage term plus 30 years.

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

Lease extensions in Upton can be a difficult process. We recommend you secure guidance from a lawyer and surveyor 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 Upton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Upton Lease Extension Case Studies:

Charlie, Upton, Merseyside,

Charlie owned a high value flat in Upton on the market with a lease of a little over 61 years left. Charlie informally contacted his freeholder a well known Bristol-based freehold company for a lease extension. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £125 annually. No ground rent would be payable on a lease extension were Charlie to exercise his statutory right. Charlie obtained expert legal guidance and secured an acceptable deal informally and readily saleable.

Upton case:

Last Autumn we were contacted by Dr F Reed , who bought a studio flat in Upton in November 2012. We are asked if we could approximate the premium could be for a 90 year lease extension. Comparative residencies in Upton with 100 year plus lease were valued about £261,600. The mid-range amount of ground rent was £60 billed yearly. The lease finished in 2076. Having 52 years remaining we calculated the premium to the freeholder for the lease extension to be between £39,000 and £45,000 plus 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 affected 13 flats. The unexpired lease term was 76 years.