Why you should commence your Upper Clapton lease extension

Main reasons to start your Upper Clapton lease extension today:

Increase your lease and increase your Upper Clapton property value

With a domestic leasehold property in Upper Clapton, you are actually buying an entitlement to reside in a property for a prescribed time frame. These days flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you may consider extending the lease sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly notably once there are fewer than eighty years left. Leasehold owners in Upper Clapton with a lease approaching 81 years remaining should seriously think of extending it as soon as possible. Once the lease term has under 80 years left, under the current legislation the landlord can calculate and demand a larger premium, assessed on a technical computation, strangely termed as “marriage value” which is due.

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the premises will be worth the same as a freehold for many years in the future.

Lending institutions may decide not to issue a mortgage with a short lease

Nearly all mortgage lenders will not grant a mortgage on a lease with under seventy years unexpired - although this varies from lender to lender. A purchaser will undoubtedly find it difficult to obtain a mortgage and this could result in your Upper Clapton property becoming difficult to sell or refinance.

What makes us experts in Upper Clapton lease extensions?

Lease extensions in Upper Clapton can be a difficult process. We recommend you obtain guidance from a lawyer 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 Upper Clapton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Upper Clapton Lease Extension Example Cases:

Millie, Upper Clapton, London,

Subsequent to unsuccessful correspondence with the landlord of her ground floor flat in Upper Clapton, Millie commenced the lease extension process as the eighty year mark was swiftly approaching. The transaction completed in June 2006. The freeholder’s fees were restricted to approximately 550 GBP.

Upper Clapton case:

Mr and Mrs. W Hernández owned a one bedroom apartment in Upper Clapton in April 2006. The question was if we could shed any light on how much (approximately) premium would likely be for a 90 year lease extension. Comparative flats in Upper Clapton with 100 year plus lease were in the region of £184,000. The mid-range amount of ground rent was £55 invoiced per annum. The lease expiry date was in 2079. Given that there were 53 years left we calculated the compensation to the landlord for the lease extension to be within £28,500 and £33,000 not including legals.