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

Unfortunately that a Great Stanmore residential lease is a wasting asset. The lease value reduces in proportion to its lease length. The extent of this is not fully appreciated in the early years due to the deflation being disguised by increases in the Great Stanmore property market.Where your lease has approximately 90 years left, you need to start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls under 80 years - otherwise a higher amount will be due. The majority of flat owners in Great Stanmore will be able to extend under the legislation; however a conveyancing solicitor should be able to confirm whether you qualify for an extension. In some cases you may not be entitled. There are also strict deadlines and procedures to be adhered to once the process is initiated and you will need to be guided by your conveyancer throughout the formalities.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the property will be equivalent in value to a freehold for decades to come.

Lenders may not lend with a short lease

The trend since 2008 has been for mortgage companies to tighten lending requirements across the board - this has extended to the property over which the mortgage is to be charged. This has resulted in the unexpired lease term required by mortgage companies has increased. Historically banks were content with twenty years plus the term of the loan - typically 50 year leases but those requirements have been chipped away by the requirement for longer and longer leases - many now have a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Great Stanmore?

Regardless of whether you are a tenant or a freeholder in Great Stanmore,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Great Stanmore valuers.

Great Stanmore Lease Extension Case Summaries:

Kayleigh, Great Stanmore, North West London,

Trailing lengthy discussions with the landlord of her studio flat in Great Stanmore, Kayleigh initiated the lease extension process as the 80 year deadline was quickly advancing. The transaction completed in June 2015. The landlord’s charges were kept to an absolute minimum.

Great Stanmore case:

Last Summer we were e-mailed by Mr and Mrs. N Peterson , who moved into a studio flat in Great Stanmore in April 2007. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by 90 years. Comparable properties in Great Stanmore with an extended lease were in the region of £200,800. The average ground rent payable was £65 collected annually. The lease expired on 26 February 2086. Given that there were 60 years as a residual term we calculated the premium to the landlord for the lease extension to be between £20,900 and £24,200 not including professional charges.