Main reasons to start your Upton Upon Severn lease extension

Main reasons to start your Upton Upon Severn lease extension today:

A Upton Upon Severn lease depreciates with the years remaining on the lease.

Upton Upon Severn leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. It is the case that most Upton Upon Severn tenants have the right to extend their lease by an additional 90 years by virtue of the 1993 Leasehold Reform Act. If you are a leasehold owner in Upton Upon Severn you really ought to see if your lease has between 70 and ninety years remaining. There are compelling reasons why a Upton Upon Severn leaseholder with a lease having around 80 years remaining should take steps to make sure that a lease extension is actioned without delay

An extended lease is almost the same value as a freehold

It is generally considered that a property with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Mortgage lenders may not grant a mortgage with a short lease

Banks and building societies are tightening their criteria and many now require flats to have a minimum of 60 if not 70 years left at the end of the mortgage. As many flats in Upton Upon Severn were built in the 1950s, 1960s and 1970s this means many now require lease extensions if they if they are to be mortgageable.

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

Irrespective of whether you are a tenant or a landlord in Upton Upon Severn,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Upton Upon Severn valuers.

Upton Upon Severn Lease Extension Case Summaries:

Mia, Upton Upon Severn, Worcestershire,

After lengthy correspondence with the freeholder of her purpose-built apartment in Upton Upon Severn, Mia commenced the lease extension process just as her lease was nearing the all-important 80-year mark. The legal work was finalised in October 2007. The landlord’s costs were restricted to less than 600 GBP.

Upton Upon Severn case:

In 2009 we were called by Dr W Cooper who, having was assigned a lease of a recently refurbished apartment in Upton Upon Severn in August 2004. The question was if we could estimate the compensation to the landlord would be for a 90 year lease extension. Identical flats in Upton Upon Severn with 100 year plus lease were valued about £189,000. The average ground rent payable was £55 billed quarterly. The lease termination date was in 2079. Considering the 53 years left we approximated the premium to the freeholder for the lease extension to be between £28,500 and £33,000 exclusive of expenses.

Upton Upon Severn case:

In 2010 we were contacted by Dr F Khan who, having acquired a purpose-built flat in Upton Upon Severn in September 2005. The dilemma was if we could approximate the premium could be to extend the lease by an additional years. Comparable properties in Upton Upon Severn with a long lease were in the region of £290,000. The average amount of ground rent was £45 collected annually. The lease elapsed in 2099. Taking into account 73 years left we calculated the premium to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of legals.