Why you should start your Upper Clapton lease extension

Top reasons for lease extension now:

Increase your lease and increase your Upper Clapton property value

Upper Clapton leases on residential deteriorating in value. Where your lease has approximately 90 years left, you should start thinking about a lease extension. It is important to recognise that it is that it is desirable for the lease extension to take place before the term of the existing lease dips lower than eighty years - otherwise a higher premium will be due. Leasehold owners in Upper Clapton will mostly be legally entitled to a lease extension; however it’s a good idea to check with a conveyancer to confirm your eligibility. In certain situations you may not qualify. There are also strict timetables and formalities to comply with once the process is initiated so it’s wise to be guided by a conveyancing solicitor during the process.

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

It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Lending institutions will not issue a mortgage with a short lease

Lenders are really restricting their approach as regards to homes in Upper Clapton with short leases. For instance you might discover that their lending requirements are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so if you needed to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus narrowing the number of potential buyers.

Get in touch with one of our Upper Clapton lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a freeholder in Upper Clapton,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Upper Clapton valuers.

Upper Clapton Lease Extension Case Studies:

Rory, Upper Clapton, London

During the course of the last few months Rory, came perilously close to the eighty-year mark with the lease on his studio flat in Upper Clapton. Having purchased his property 18 years previously, the length of the lease was of no significance. by good luck, it dawned on him that he needed to take action soon on Extending the lease. Rory was able to extend his lease at the eleventh hour last September. Rory and the freeholder via the managing agents eventually settled on sum of £6,000 . If the lease had fallen below 80 years, the sum would have become more exhorbitant by at least £1,025.

Upper Clapton case:

In 2011 we were called by Mrs Rhiannon Wright who, having purchased a basement flat in Upper Clapton in February 2008. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by an additional years. Comparative homes in Upper Clapton with an extended lease were worth £257,800. The mid-range amount of ground rent was £65 billed annually. The lease expired on 26 January 2091. Considering the 65 years outstanding we approximated the premium to the freeholder for the lease extension to be between £18,100 and £20,800 plus professional charges.