Why you should start your Upton Park lease extension

Main reasons to start your Upton Park lease extension today:

A Upton Park leasehold property 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 your lease gets more expensive. It is the case that most Upton Park tenants have the right to extend their lease by an additional 90 years in accordance with the 1993 Leasehold Reform Act. Where you are a leasehold owner in Upton Park you would be well advised to check if your lease has between 70 and ninety years remaining. There are good reasons why a Upton Park leaseholder with a lease having around 80 years left 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 accepted that a property with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.

Lenders may decide not to grant a mortgage with a short lease

Lenders are inclined not grant a mortgage on short residential leases. You are likely to encounter difficulties where you want to sell your flat in Upton Park if the remaining term of your lease is under the criteria set by the majority of banks and building societies. Different mortgage companies have varying requirements but generally they are looking for a minimum remaining lease term of 65 years.

Get in touch with one of our Upton Park lease extension solicitors or enfranchisement solicitors

The lawyers that we work with undertake Upton Park 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.

Upton Park Lease Extension Example Cases:

Max, Upton Park, London

In recent months Max, started to get close to the 80-year mark with the lease on his basement flat in Upton Park. In buying his home 19 years ago, the unexpired term was of no importance. by good luck, it dawned on him that he needed to take steps soon on Extending the lease. Max extended the lease just ahead of time in September. Max and the landlord who owned the flat above eventually agreed on the final figure of £5,500 . If he not met the deadline, the sum would have increased by a minimum £850.

Upton Park case:

In 2013 we were approached by Mr and Mrs. Y Wilson who, having purchased a purpose-built flat in Upton Park in January 2006. We are asked if we could estimate the premium would likely be for a ninety year extension to my lease. Comparative premises in Upton Park with an extended lease were in the region of £235,200. The average ground rent payable was £45 invoiced per annum. The lease expired on 6 March 2092. Considering the 66 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 plus legals.