Why you should commence your Upper Clapton lease extension

Why you should start your Upper Clapton lease extension today:

A Upper Clapton lease depreciates with the years remaining on the lease.

The closer a residential lease in Upper Clapton nears to zero years unexpired, the the greater the reduction in the value of the property. Where the residual term has, more than 99 years to run then this decrease may be fractional nevertheless there will become a point in time when a lease has under than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main reason why you should consider extending without delay. The majority of flat owners in Upper Clapton will meet the qualifying criteria; nevertheless a conveyancer can confirm whether you are eligible for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

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

It is generally accepted that a property with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Banks and Building Societies will not finance a property with a short lease

The definition of a short lease varies by mortgage company, yet mortgage lenders start to become concerned at around 75 years. This may cause difficulties as and when you wish to sell or remortgage your property as it will be effectively unmortgageable. You might not have an imminent desire to sell but when you do your purchaser must hold off for two years before they can start the legal procedures for a lease extension.

What makes us experts in Upper Clapton lease extensions?

Regardless of whether you are a tenant or a landlord in Upper Clapton,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Upper Clapton valuers.

Upper Clapton Lease Extension Case Studies:

Ben, Upper Clapton, London

Last Winter Ben, started to get close to the 80-year mark with the lease on his basement flat in Upper Clapton. In buying his home twenty years previously, the length of the lease was of little interest. As luck would have it, it dawned on him that he would soon be paying way over the odds for a lease extension. Ben was able to extend his lease just under the wire last March. Ben and the freeholder via the management company eventually agreed on the final figure of £5,500 . If the lease had slid lower than 80 years, the price would have increased by at least £1,125.

Upper Clapton case:

In 2014 we were contacted by Mr and Mrs. E Martin who, having owned a basement flat in Upper Clapton in February 2009. The dilemma was if we could estimate the price could be to extend the lease by ninety years. Comparable properties in Upper Clapton with 100 year plus lease were valued around £208,600. The mid-range ground rent payable was £60 invoiced annually. The lease elapsed in 2083. Given that there were 57 years unexpired we calculated the premium to the landlord to extend the lease to be within £30,400 and £35,200 not including professional charges.