Why you should start your Upper Clapton lease extension

Main reasons to start your Upper Clapton lease extension today:

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

Upper Clapton leases on domestic deteriorating in value. if your lease has approximately 90 years left, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease dips below this level then you start paying an additional element called marriage value. Leasehold owners in Upper Clapton will usually be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to confirm your eligibility. In certain cases you may not qualify. There are also strict timetables and steps to follow once the process is initiated so it’s wise to be guided by a conveyancer during the process.

An extended lease is almost the same value as a freehold

Leasehold premises in Upper Clapton with in excess of one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.

Lending institutions may decide not to finance a property with a short lease

Mortgage lenders have set criteria when loaning monies secured on leasehold homes. Many will simply not lend at all once the residual lease term drops below a certain unexpired lease term. Many Lending institutions will not regard property with an unexpired below seventy years suitable security. In addition to impacting your ability to sell, it is also relevant if you are seeking to refinance your Upper Clapton home.

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

The conveyancers that we work with handle Upper Clapton lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Upper Clapton Lease Extension Example Cases:

Jessica, Upper Clapton, London,

In the wake of eight months of lengthy negotiations with the landlord of her basement flat in Upper Clapton, Jessica started the lease extension process just as her lease was approaching the all-important 80-year deadline. The legal work was finalised in June 2009. The freeholder’s fees were restricted to slightly above 650 pounds.

Upper Clapton case:

Last year we were e-mailed by Dr Stephanie François , who took over the lease of a purpose-built apartment in Upper Clapton in July 2005. We are asked if we could shed any light on how much (roughly) premium would likely be for a ninety year lease extension. Comparable homes in Upper Clapton with a long lease were in the region of £233,200. The average ground rent payable was £60 invoiced monthly. The lease elapsed on 1 September 2087. Taking into account 61 years outstanding we calculated the compensation to the landlord to extend the lease to be within £22,800 and £26,400 not including legals.