Top reasons for Uppingham lease extension

Main reasons to start your Uppingham lease extension today:

Increase your lease and increase your Uppingham property value

The rule of thumb is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Uppingham may extend the lease for an additional ninety years under statute. Do think carefully before delaying your Uppingham lease extension. Putting off that expense now simply increases the price you will eventually have to pay to extend the lease.

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

It is generally considered that a residential leasehold with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may decide not to lend on a short lease

Almost all mortgage companies insist on a lengthy amount of time remaining on any leasehold residence before they will consider it as adequate security. Even if you don't need a mortgage, you should bear in mind that it is likely that someone wanting to purchase your property in the future might well do, so where they are unable to obtain a mortgage, then the value of the property will likely be adversely impacted. In the last decade many mortgage lenders have increased the required minimum lease length that they are prepared to accept

What makes us experts in Uppingham lease extensions?

The lawyers that we work with procure Uppingham 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 lawyer we work with provide it.

Uppingham Lease Extension Case Summaries:

Rory, Uppingham, Rutland,

Rory owned a high value apartment in Uppingham being sold with a lease of a little over 59 years left. Rory informally contacted his landlord a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £100 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Rory to invoke his statutory right. Rory procured expert legal guidance and secured satisfactory resolution informally and ending up with a market value flat.

Uppingham case:

Mr and Mrs. L François completed a recently refurbished apartment in Uppingham in July 1998. The dilemma was if we could approximate the price could be for a ninety year lease extension. Comparable properties in Uppingham with 100 year plus lease were valued around £193,400. The average amount of ground rent was £65 invoiced every twelve months. The lease elapsed in 2085. Considering the 59 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £21,900 and £25,200 plus fees.

Uppingham case:

Mrs Lucy Gunderson moved into a garden flat in Uppingham in February 2004. We are asked if we could approximate the premium could be for a ninety year extension to my lease. Comparative premises in Uppingham with a long lease were in the region of £255,000. The mid-range ground rent payable was £50 invoiced annually. The lease expired on 13 May 2096. Given that there were 70 years unexpired we calculated the premium to the freeholder to extend the lease to be within £10,500 and £12,000 not including legals.