Main reasons to start your Stamford Bridge lease extension

Why you should start your Stamford Bridge lease extension today:

Increase your lease and increase your Stamford Bridge property value

Stamford Bridge leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. The majority of owners of residential leasehold property in Stamford Bridge enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Stamford Bridge you would be well advised to see if your lease has between 70 and 90 years remaining. There are compelling reasons why a Stamford Bridge flat owner with a lease having around 80 years unexpired should take action to make sure that a lease extension is put in place without delay

An extended lease has roughly the same value as a freehold

It is generally considered that a property with over one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the residence will be worth the same as a freehold for many years in the future.

Lenders will not loan monies on a short lease

Lending institutions have set criteria when lending funds charged on leasehold property. Many will simply refuse lend at all once an unexpired lease term goes beneath a specified unexpired lease term. Many Mortgage lenders will not regard property with an unexpired below 75 years as acceptable security. In addition to impacting your ability to sell, it is also relevant if you are intending to remortgage your Stamford Bridge property.

Why use us for your lease extension in Stamford Bridge?

Lease extensions in Stamford Bridge can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Stamford Bridge lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Stamford Bridge Lease Extension Case Studies:

Abigail, Stamford Bridge, East Yorkshire,

In the wake of 6 months of unsuccessful correspondence with the landlord of her two bedroom flat in Stamford Bridge, Abigail commenced the lease extension process just as her lease was coming close to the crucial eighty-year deadline. The transaction was finalised in August 2006. The landlord’s fees were negotiated to less than 700 pounds.

Stamford Bridge case:

Last Spring we were approach by Dr Samantha Phillips , who took over the lease of a studio apartment in Stamford Bridge in August 2009. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by 90 years. Comparable premises in Stamford Bridge with 100 year plus lease were in the region of £246,800. The mid-range amount of ground rent was £60 collected annually. The lease terminated in 2076. Given that there were 50 years remaining we calculated the compensation to the landlord to extend the lease to be within £44,700 and £51,600 plus fees.

Stamford Bridge case:

Last Summer we were contacted by Mr and Mrs. L Green , who bought a newly refurbished apartment in Stamford Bridge in November 2006. The dilemma was if we could shed any light on how much (roughly) premium would be to extend the lease by ninety years. Comparative residencies in Stamford Bridge with 100 year plus lease were worth £208,200. The average ground rent payable was £65 invoiced annually. The lease ended on 23 July 2087. Having 61 years remaining we calculated the compensation to the freeholder to extend the lease to be within £20,000 and £23,000 plus professional charges.