Why you should start your Stafford lease extension

Top reasons for lease extension now:

Increase your lease and increase your Stafford property value

The rule of thumb is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Stafford may extend the lease for a further ninety years in accordance with the 1993 Leasehold Reform Act. Do think carefully before delaying your Stafford lease extension. Postponing that expense today simply escalates the amount you will ultimately be required to pay for a lease extension.

Stafford property with a lease extension has roughly the same value as a freehold

Leasehold premises in Stafford with more than one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges merit it.

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

Most high street banks are making their criteria more stringent and many now want flats to have a minimum of sixty if not seventy years left once the mortgage has expired. Considering many flats in Stafford were built in the fifties, sixties and seventies as a result many now need to be extended if they wish to obtain a mortgage.

Why use us for your lease extension in Stafford?

Regardless of whether you are a tenant or a landlord in Stafford,the lease extension solicitors 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 Stafford valuers.

Stafford Lease Extension Example Cases:

Stanley, Stafford, Staffordshire

Last Spring Stanley, came dangerously close to the eighty-year mark with the lease on his leasehold flat in Stafford. Having bought his property two decades ago, the unexpired term was of minimal significance. Luckily, he noticed he would imminently be paying an inflated amount for a lease extension. Stanley arranged for a lease extension just under the wire last May. Stanley and the landlord who owned the flat above ultimately agreed on sum of £5,500 . If he not met the deadline, the sum would have escalated by a minimum £900.

Stafford case:

In 2012 we were e-mailed by Mrs Tia Ali who, having completed a basement apartment in Stafford in November 2009. The dilemma was if we could shed any light on how much (approximately) price could be for a ninety year lease extension. Identical properties in Stafford with 100 year plus lease were in the region of £265,000. The average amount of ground rent was £50 collected quarterly. The lease concluded on 3 November 2099. Considering the 73 years left we estimated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 not including fees.

Stafford case:

In 2011 we were called by Mr and Mrs. W Petit who, having purchased a first floor apartment in Stafford in August 2006. The dilemma was if we could approximate the premium would likely be for a ninety year lease extension. Comparative premises in Stafford with 100 year plus lease were worth £264,000. The mid-range ground rent payable was £60 collected annually. The lease lapsed on 20 March 2079. Having 53 years outstanding we calculated the premium to the landlord to extend the lease to be between £37,100 and £42,800 not including legals.