Main reasons to commence your Stallingborough lease extension

Top reasons for lease extension now:

A Stallingborough lease depreciates with the years remaining on the lease.

With a residential leasehold premises in Stallingborough, you are in fact renting it for a certain amount of time. Modern flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you may think about extending the lease sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease gets disproportionately greater notably once there are fewer than eighty years remaining. Anyone in Stallingborough with a lease nearing 81 years remaining should seriously think of extending it sooner than later. Once a lease has under eighty years outstanding, under the relevant Act the freeholder is entitled to calculate and levy a larger premium, based on a technical multiplication, strangely termed as “marriage value” which is due.

An extended lease is almost the same value as a freehold

Leasehold properties in Stallingborough with in excess of one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.

Banks and Building Societies will not finance a property with a short lease

Most mortgage companies require a lengthy amount of time remaining on a leasehold property before they will consider it as adequate security. Regardless of whether you need a mortgage, you should bear in mind that it is probable that someone wishing to acquire your property in the future might well do, so in the event that they are unable to secure a mortgage, then the value of the property will likely be adversely impacted. In the last decade many banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

Get in touch with one of our Stallingborough lease extension solicitors or enfranchisement solicitors

Using our service will provide you enhanced control over the value of your Stallingborough leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Stallingborough Lease Extension Case Summaries:

Michael, Stallingborough, Lincolnshire,

Michael was the the leasehold proprietor of a conversion apartment in Stallingborough being sold with a lease of a little over sixty years remaining. Michael informally spoke with his landlord a well known London-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £100 per annum. No ground rent would be due on a lease extension were Michael to invoke his statutory right. Michael procured expert advice and was able to make an informed judgement and deal with the matter and sell the property.

Stallingborough case:

In 2009 we were e-mailed by Mr and Mrs. O Díaz who, having bought a basement apartment in Stallingborough in August 2009. The question was if we could shed any light on how much (approximately) premium could be for a 90 year extension to my lease. Identical properties in Stallingborough with a long lease were valued around £191,000. The mid-range amount of ground rent was £65 invoiced per annum. The lease lapsed in 2084. Having 58 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £23,800 and £27,400 not including fees.

Stallingborough case:

Last year we were called by Mr O Turner , who bought a first floor apartment in Stallingborough in September 2006. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by a further 90 years. Similar flats in Stallingborough with 100 year plus lease were valued around £250,000. The mid-range amount of ground rent was £50 billed quarterly. The lease terminated on 11 May 2095. Considering the 69 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 not including fees.