Why you should commence your Clapton lease extension

Top reasons for lease extension now:

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

The value of Clapton leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase significantly once the remaining term is less than eighty years

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

It is generally accepted that a property with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years unexpired, the property will be worth the same as a freehold for decades to come.

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

Banks and building societies will not lend on short residential leases. You most probably experience difficulties if you need to sell your flat in Clapton if the remaining lease term is below the criteria set by most mortgage companies. Different mortgage companies have varying requirements but generally theyrequire a minimum remaining lease term of 65 years.

Why use us for your lease extension in Clapton?

Using our service will provide you better control over the value of your Clapton leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Clapton Lease Extension Example Cases:

Nathaniel, Clapton, London,

Nathaniel owned a conversion flat in Clapton being sold with a lease of a little over fifty eight years left. Nathaniel on an informal basis spoke with his landlord being a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £100 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Nathaniel to exercise his statutory right. Nathaniel obtained expert advice and was able to make a more informed decision and handle with the matter and readily saleable.

Clapton case:

Last Christmas we were phoned by Mr Matthew Morgan , who completed a ground floor flat in Clapton in February 1999. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by 90 years. Identical homes in Clapton with 100 year plus lease were in the region of £285,000. The average amount of ground rent was £55 collected monthly. The lease concluded on 14 September 2105. Having 79 years remaining we calculated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 exclusive of expenses.