Main reasons to commence your Upney lease extension

Top reasons for lease extension now:

Increase your lease and increase your Upney property value

Upney leases on domestic properties are gradually losing value. if your lease has approximately 90 years unexpired, you should start considering the need for a lease extension. If lease term dips under 80 years, you will then be required to pay half of the property's 'marriage value' in addition to the standard cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Upney will usually qualify for a lease extension; however a solicitor will check your eligibility. In certain situations you may not be entitled. There are prescribed timetables and formalities to follow once the process has started so it’s sensible to be guided by a lawyer during the process.

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

Leasehold residencies in Upney with over one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges warrant it.

Banks and Building Societies may not lend on a short lease

Banks and building societies are distinct in their lending criteria. Some set the bar at seventy five years outstanding on the lease; others may be content with anything in excess seventy years. Below sixty years, it may be difficult to get a mortgage in the first place.

What makes us experts in Upney lease extensions?

Lease extensions in Upney can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and valuer 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 in-depth market knowledge dealing with 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:

Zoe, Upney, London,

Trailing lengthy discussions with the freeholder of her two bedroom flat in Upney, Zoe commenced the lease extension process just as the lease was nearing the critical 80-year mark. The transaction was concluded in April 2013. The freeholder’s costs were kept to an absolute minimum.

Upney case:

Mrs T Green bought a studio flat in Upney in April 1998. We are asked if we could approximate the premium would be to prolong the lease by an additional years. Identical homes in Upney with 100 year plus lease were in the region of £218,400. The mid-range amount of ground rent was £60 collected quarterly. The lease elapsed on 5 May 2083. Considering the 59 years left we approximated the premium to the freeholder for the lease extension to be between £27,600 and £31,800 not including fees.