Thaw phyllo dough in the fridge overnight, then place on the counter 1 hour before you start assembling your baklava.
In a medium saucepan, combine the water, sugar, honey, lemon juice, and orange extract. Bring to boil over medium-high heat and stir continuously until the sugar is fully dissolved. Reduce to medium-low heat and simmer for an additional 3-4 minutes. Remove from heat and let the syrup cool to room temperature.
Pulse walnuts and almonds 10-12 times in a food processor until they are coarsely ground/finely chopped. Then in a medium bowl, stir together the chopped nuts, cinnamon, nutmeg, and sugar.
Preheat oven to 325°F.
Butter the bottom of a 9x13 pan and trim your phyllo dough to the appropriate size.
Place phyllo sheets into the pan one at a time and using a pastry brush, lightly brush with clarified butter. Add the next sheet, brush with clarified butter, and continue for 15 sheets. Evenly spread about ½ of the nut mixture over the buttered phyllo. Add 10 buttered sheets of phyllo then the rest of the nut mixture. Then finish off with 15 buttered sheets of phyllo dough. Brush the very top with clarified butter.
Using a sharp knife, cute the baklava into your desired size/shape.
Bake at 325°F for 1 hour or until the tops are golden brown.
Remove from the oven and immediately pour the cooled syrup evenly over the hot baklava (it should sizzle). Let the baklava cool completely, uncovered at room temperature. For best results, let baklava sit at least 6 hours or overnight so that the syrup can fully saturate the layers.
Notes
Store in an airtight container at room temperature for up to a week.