When it comes to residential leasehold premises in Upper Clapton, you are actually purchasing an entitlement to reside in a property for a prescribed time frame. In recent years flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you should consider extending the lease sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly notably once there are fewer than 80 years left. Anyone in Upper Clapton with a lease nearing 81 years unexpired should seriously think of extending it as soon as possible. When a lease has under 80 years remaining, under the relevant Act the freeholder can calculate and levy a greater amount, assessed on a technical calculation, known as “marriage value” which is payable.
Leasehold properties in Upper Clapton with over one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| 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 |
Engaging our service will provide you better control over the value of your Upper Clapton leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Harrison was the the leasehold proprietor of a studio flat in Upper Clapton on the market with a lease of fraction over fifty eight years unexpired. Harrison informally approached his landlord a well known local-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £150 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Harrison to exercise his statutory right. Harrison obtained expert advice and secured an acceptable deal without resorting to tribunal and readily saleable.
Ms Lucy Michel acquired a basement apartment in Upper Clapton in August 1996. The dilemma was if we could shed any light on how much (approximately) premium could be for a ninety year lease extension. Comparable flats in Upper Clapton with a long lease were in the region of £208,600. The average ground rent payable was £60 billed every twelve months. The lease expired on 3 September 2082. Taking into account 57 years left we estimated the compensation to the landlord to extend the lease to be within £30,400 and £35,200 exclusive of fees.
An example of a Lease Extension decision for a Upper Clapton residence is Flat 25, Stamford Hill Mansions Stamford Hill in April 2010. The Tribunal therefore determined that the premium to be paid by the lessee to the freeholder for the extension of the lease should be £28,984.00 This case related to 1 flat. The number of years remaining on the existing lease(s) was 59 years.