Top reasons for Upney lease extension

Top reasons for lease extension now:

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

The re-sale value of a leasehold property in Upney depends on how long the lease has remaining. If it is near to or less than eighty years you should envisage problems on re-sale, so it is advisable to arrange for the lease to be extended ahead of buying. It is preferable to start the process of extending the lease is when the lease still has 82 years unexpired so that a lease extension can be finalised in advance of the eighty year threshold. Leasehold Reform legislation entitles Upney qualifying lessees to an additional term of 90 years in addition to the remaining term, at a notional rent (no ground rent). The intention of the valuation is to determine the premium payable by the lessee to the freeholder for the purchase of the lease extension.

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

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years remaining, the premises will be worth the same as a freehold for many years in the future.

Lending institutions may not lend with a short lease

Lending institutions have specific criteria when loaning funds secured on leasehold homes. Many will simply refrain from lending at all once the remaining lease term slips below a specified unexpired lease term. Many Banks and Building Societies will not regard property with a remaining term of less than 75 years suitable security. In addition to impacting your ability to sell, it is also relevant where you are seeking to refinance your Upney home.

Why use us for your lease extension in Upney?

Lease extensions in Upney can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and surveyor with experience in lease extensions.

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 procuring Upney lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Upney Lease Extension Case Studies:

Danielle, Upney, London,

Trailing protracted negotiations with the landlord of her purpose-built apartment in Upney, Danielle initiated the lease extension process as the 80 year threshold was rapidly nearing. The legal work was concluded in August 2009. The landlord’s charges were restricted to about 650 GBP.

Upney case:

In 2009 we were contacted by Mrs O Morgan who, having owned a studio apartment in Upney in February 2007. The question was if we could shed any light on how much (roughly) premium would likely be to extend the lease by ninety years. Comparable homes in Upney with 100 year plus lease were valued around £216,000. The mid-range amount of ground rent was £60 collected annually. The lease finished in 2084. Taking into account 58 years unexpired we calculated the premium to the freeholder to extend the lease to be between £28,500 and £33,000 exclusive of expenses.