Top reasons for Staindrop lease extension

Main reasons to commence your Staindrop lease extension today:

Increase your lease and increase your Staindrop property value

Staindrop residential property owned on a long lease is a wasting asset as the leaseholder only owns the property for a set term.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.

Mortgage lenders may not grant a mortgage on a short lease

Lenders are tightening their criteria and a meaningful number now want flats to have a minimum of 60 if not 70 years remaining at the expiry of the mortgage. Considering a number of flats in Staindrop were built in the fifties, sixties and seventies this means many now need to be extended if they if they are to be mortgageable.

What makes us experts in Staindrop lease extensions?

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

Staindrop Lease Extension Case Studies:

Riley, Staindrop, County Durham,

Riley owned a studio apartment in Staindrop being sold with a lease of just over 61 years left. Riley on an informal basis contacted his landlord a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to an increased rent to £50 per annum. No ground rent would be due on a lease extension were Riley to invoke his statutory right. Riley procured expert advice and was able to make an informed judgement and handle with the matter and ending up with a market value flat.

Staindrop case:

Mrs Lauren Gómez bought a garden flat in Staindrop in August 2008. The dilemma was if we could approximate the price would likely be for a ninety year extension to my lease. Comparable premises in Staindrop with an extended lease were in the region of £189,000. The mid-range ground rent payable was £55 invoiced every twelve months. The lease finished in 2079. Taking into account 53 years left we calculated the premium to the freeholder for the lease extension to be within £28,500 and £33,000 not including costs.

Staindrop case:

In 2012 we were called by Mr and Mrs. A García who, having purchased a one bedroom flat in Staindrop in October 2011. We are asked if we could estimate the price could be for a 90 year lease extension. Identical flats in Staindrop with a long lease were in the region of £290,000. The average amount of ground rent was £45 invoiced yearly. The lease elapsed in 2099. Given that there were 73 years remaining we approximated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 exclusive of legals.