Top reasons for Great Stanmore lease extension

Why you should commence your Great Stanmore lease extension today:

Increase your lease and increase your Great Stanmore property value

For anyone whose Great Stanmore home is held on a long lease, the message is clear – if you do nothing, your property will ultimately revert to the freeholder, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more it will cost to procure a lease extension.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may decide not to loan monies on a short lease

Nearly all mortgage lenders insist on a lengthy amount of time remaining on any leasehold property before they will contemplate providing a mortgage on it. Regardless of whether you require a mortgage, you should keep in mind that it is reasonable to assume that someone wishing to purchase your property in the future might well do, so where they are unable to get a mortgage, then the financial worth of the property will likely suffer. Since 2008 the majority of banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

Why use us for your lease extension in Great Stanmore?

The conveyancers that we work with handle Great Stanmore 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.

Great Stanmore Lease Extension Case Summaries:

Courtney, Great Stanmore, North West London,

After unsuccessful correspondence with the freeholder of her purpose-built flat in Great Stanmore, Courtney initiated the lease extension process as the eighty year threshold was swiftly coming. The transaction was concluded in June 2014. The landlord’s fees were kept to an absolute minimum.

Great Stanmore case:

In 2009 we were approached by Mrs L Hill who, having purchased a one bedroom flat in Great Stanmore in February 2004. The dilemma was if we could shed any light on how much (approximately) premium would be to prolong the lease by ninety years. Comparable residencies in Great Stanmore with a long lease were valued about £260,000. The mid-range ground rent payable was £50 invoiced annually. The lease finished in 2098. Taking into account 72 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of legals.