Main reasons to start your Stoke Newington lease extension

Top reasons for lease extension now:

Increase your lease and increase your Stoke Newington property value

Owning a flat usually means owning a lease of the property, which has a set term of years. your lease will usually be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Stoke Newington. Inevitably, the period of lease remaining reduces as time goes by. This is often overlooked and only becomes a problem when the flat or house needs to be sold or re-mortgaged. The shorter the lease the less it is worth and the more expensive it will be to obtain a lease extension. Eligible long lease owners in Stoke Newington have the right to extend the lease for a further ninety years under legislation. You should give careful attention before putting off your Stoke Newington lease extension. Holding off that expense now simply increases the price you will ultimately incur to extend your lease

An extended lease is almost the same value as a freehold

Leasehold premises in Stoke Newington with in excess of one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies may not grant a mortgage on a short lease

The definition of a short lease depends on the specific mortgage company, yet lending institutions start to get jittery at around 75 years. This will cause difficulties as and when you wish to market or remortgage your flat as it will be practically unmortgageable. Even though you might have no immediate plan to sell but when you do your purchaser will need to hold off for a couple of years before being able to exercise the right to a a lease extension.

What makes us experts in Stoke Newington lease extensions?

Using our service will provide you increased control over the value of your Stoke Newington leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Stoke Newington Lease Extension Case Summaries:

Stephanie, Stoke Newington, London,

Trailing unsuccessful negotiations with the freeholder of her studio apartment in Stoke Newington, Stephanie commenced the lease extension process as the 80 year deadline was quickly coming. The transaction was finalised in October 2005. The freeholder’s charges were restricted to under 700 GBP.

Stoke Newington case:

In 2009 we were contacted by Mr and Mrs. I Parker who, having bought a basement flat in Stoke Newington in April 1996. The question was if we could shed any light on how much (roughly) price would be to extend the lease by 90 years. Identical residencies in Stoke Newington with a long lease were worth £193,400. The average amount of ground rent was £65 collected yearly. The lease ended in 2085. Having 59 years left we estimated the compensation to the landlord for the lease extension to be within £21,900 and £25,200 plus legals.