Stop! Your Lease Extension in Upper Clapton Could Be FREE

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Many leaseholders in Upper Clapton are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Upper Clapton has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Top reasons for Upper Clapton lease extension

Top reasons for lease extension now:

Increase your lease and increase your Upper Clapton property value

The only way is down when it comes to Upper Clapton lease terms. Upper Clapton flats that have a lease term shorter than 80 years will reduce in market price at a rapid rate, and the cost of extending your lease will rise.

An extended lease has roughly the same value as a freehold

Leasehold premises in Upper Clapton with over 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth 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 service charges justify it.

Banks and Building Societies may not lend on a short lease

The trend since 2008 has been for banks to tighten lending requirements generally - this has extended to the types of security over which the mortgage is to be charged. This has meant the minimum number of years remaining under the lease required by mortgage companies has increased. Historically lenders would lend on a lease with 25 years plus the term of the loan - typically fifty year leases but those requirements evolved by the requirement for longer and longer leases - many now have a minimum term of 75 years as standard.

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.

Why use us for your lease extension in Upper Clapton?

Using our service gives you enhanced control over the value of your Upper Clapton leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Upper Clapton Lease Extension Case Summaries:

Nathaniel, Upper Clapton, London

During the course of the last few months Nathaniel, started to get near to the 80-year mark with the lease on his purpose- built apartment in Upper Clapton. Having bought his flat 18 years ago, the unexpired term was of no bearing. Fortunately, he noticed he needed to take steps soon on a lease extension. Nathaniel was able to extend his lease just in the nick of time in June. Nathaniel and the freeholder ultimately agreed on sum of £5,500 . If the lease had dropped to less than 80 years, the sum would have become more costly by a minimum £850.

Upper Clapton case:

In 2011 we were e-mailed by Mr and Mrs. B Adams who, having completed a ground floor apartment in Upper Clapton in June 2007. The dilemma was if we could approximate the premium would be for a 90 year extension to my lease. Comparative flats in Upper Clapton with an extended lease were in the region of £205,000. The average ground rent payable was £50 invoiced monthly. The lease finished on 5 June 2105. Considering the 79 years unexpired we calculated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 plus expenses.

Decision in Hackney

An example of a Lease Extension decision for a Upper Clapton property is Flat 25, Stamford Hill Mansions Stamford Hill in April 2010. The Tribunal therefore determined that the premium to be paid by the lessee to the freeholder for the extension of the lease should be £28,984.00 This case affected 1 flat. The unexpired residue of the current lease was 59 years.