Stop! Your Lease Extension in Upton Park Could Be FREE

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Many leaseholders in Upton Park 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 Upton Park 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.

Why you should start your Upton Park lease extension

Why you should commence your Upton Park lease extension today:

A Upton Park lease depreciates with the years remaining on the lease.

Upton Park leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. It is the case that most Upton Park tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. If you are a leasehold owner in Upton Park you should investigate if your lease has between 70 and 90 years remaining. There are good reasons why a Upton Park flat owner with a lease having around eighty years remaining should take steps to make sure that a lease extension is put in place without delay

Upton Park property with a lease extension has roughly the same value as a freehold

It is generally considered that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may not loan monies on a short lease

Most mortgage lenders have tightened lending criteria in recent years and borrowers are encountering difficulties in arranging funding or re-mortgage against property with shorter lease terms, particularly under 75 years as they are considered to be unacceptable security.

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Halifax Minimum 70 years from the date of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary

What makes us experts in Upton Park lease extensions?

Using our service will provide you enhanced control over the value of your Upton Park leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Upton Park Lease Extension Case Summaries:

Sian, Upton Park, London,

Following unsuccessful negotiations with the landlord of her garden apartment in Upton Park, Sian commenced the lease extension process just as the lease was nearing the critical 80-year mark. The legal work completed in November 2007. The freeholder’s fees were kept to an absolute minimum.

Upton Park case:

Last August we were phoned by Mr and Mrs. B Flores , who owned a first floor apartment in Upton Park in March 2010. We are asked if we could shed any light on how much (approximately) premium could be to prolong the lease by an additional years. Similar properties in Upton Park with an extended lease were valued about £255,000. The mid-range ground rent payable was £50 billed annually. The lease ended on 5 May 2097. Considering the 71 years outstanding we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 plus legals.

Decision in Newham

An example of a Lease Extension matter before the tribunal for a Upton Park premises is 46 Credon Road in January 2014. On 11 September 2013 Deputy District Judge Price sitting at the Bow County Court made a vesting order that the freeholder surrender his lease and be granted a new lease of the Premises on such terms as may be determined by the First Tier Tribunal (Property Chamber).The appropriate sum as concluded by the Tribunal was £7225 This case related to 1 flat. The unexpired lease term was 69.77 years.