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

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

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

Leasehold premises in Upminster with more than one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Lenders will not grant a mortgage with a short lease

Almost all banks and building societies insist on a lengthy amount of time remaining on a leasehold residence before they will contemplate it as adequate security. Regardless of whether you require a mortgage, you should be aware that it is probable that someone wanting to purchase your property in the future might well do, so in the event that they are unable to secure a mortgage, then the market price of your property will likely be adversely impacted. Since 2008 many banks and building societies have increased the required minimum lease length that they are prepared to lend on

What makes us experts in Upminster lease extensions?

The conveyancing solicitors that we work with handle 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 conveyancer we work with provide it.

Upminster Lease Extension Case Summaries:

Sebastian, Upminster, London,

Sebastian was the the leasehold owner of a studio flat in Upminster being marketed with a lease of a few days over 72 years outstanding. Sebastian on an informal basis contacted his landlord being a well known Manchester-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £200 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Sebastian to exercise his statutory right. Sebastian procured expert legal guidance and secured satisfactory deal without going to tribunal and sell the property.

Upminster case:

Mr V Clarke was assigned a lease of a basement apartment in Upminster in May 1995. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Identical residencies in Upminster with an extended lease were valued around £189,000. The average amount of ground rent was £55 billed yearly. The lease expired on 7 February 2079. Considering the 53 years left we calculated the premium to the freeholder to extend the lease to be between £28,500 and £33,000 not including professional charges.