Why you should start your Old Stratford lease extension

Top reasons for lease extension now:

A Old Stratford lease depreciates with the years remaining on the lease.

The basic rule is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Old Stratford can extend the lease for an additional ninety years in accordance with statute. Do give careful consideration before delaying your Old Stratford lease extension. Shelving that expense now simply increases the price you will ultimately be required to pay to extend the lease.

An extended lease is almost the same value as a freehold

It is generally accepted that a property with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Mortgage lenders will not grant a mortgage on a short lease

Lenders do not like short residential leases. You are likely to experience problems if you want to sell your flat in Old Stratford if the remaining lease term is less than the criteria set by the majority of mortgage companies. Different lenders have different requirements but in the main theyrequire a minimum remaining lease term of 65 years.

Why use us for your lease extension in Old Stratford?

Irrespective of whether you are a tenant or a landlord in Old Stratford,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Old Stratford valuers.

Old Stratford Lease Extension Case Studies:

Zachary, Old Stratford, Northamptonshire

Half a year ago Zachary, started to get near to the 80-year threshold with the lease on his two bedroom flat in Old Stratford. Having bought his home two decades ago, the unexpired term was of little bearing. Luckily, it dawned on him that he would imminently be paying an escalated premium for a lease extension. Zachary arranged for a lease extension just under the wire in March. Zachary and the landlord who owned the flat above eventually agreed on sum of £6,000 . If the lease had gone lower than eighty years, the sum would have gone up by a minimum £1,075.

Old Stratford case:

Dr Charlie Mercier moved into a basement apartment in Old Stratford in May 1997. We are asked if we could approximate the price could be for a 90 year lease extension. Identical properties in Old Stratford with an extended lease were valued around £254,200. The mid-range amount of ground rent was £60 collected every twelve months. The lease expiry date was in 2077. Having 51 years left we estimated the premium to the freeholder to extend the lease to be between £43,700 and £50,600 not including expenses.

Old Stratford case:

In 2014 we were e-mailed by Dr C Miller who, having owned a basement flat in Old Stratford in June 2003. We are asked if we could approximate the price could be to prolong the lease by an additional years. Identical properties in Old Stratford with a long lease were in the region of £210,600. The average ground rent payable was £45 billed per annum. The lease expired in 2088. Considering the 62 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £18,100 and £20,800 exclusive of professional charges.