Why you should commence your Stamford Bridge lease extension

Main reasons to commence your Stamford Bridge lease extension today:

A Stamford Bridge leasehold property depreciates with the years remaining on the lease.

Stamford Bridge leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Stamford Bridge residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Stamford Bridge you would be well advised to check if your lease has between 70 and ninety years remaining. There are good reasons why a Stamford Bridge leaseholder with a lease having around eighty years left should take steps to ensure that a lease extension is actioned without delay

Stamford Bridge property with a lease extension is almost the same value as a freehold

It is generally accepted that a property with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may not finance a property on a short lease

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

Regardless of whether you are a tenant or a landlord in Stamford Bridge,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 experience and the close ties they enjoy with Stamford Bridge valuers.

Stamford Bridge Lease Extension Case Studies:

Samuel, Stamford Bridge, East Yorkshire,

Samuel was the the leasehold proprietor of a conversion apartment in Stamford Bridge on the market with a lease of just over 61 years left. Samuel informally approached his landlord a well known Manchester-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 on the basis of a new rent initially set at £150 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Samuel to exercise his statutory right. Samuel procured expert legal guidance and secured satisfactory resolution without resorting to tribunal and readily saleable.

Stamford Bridge case:

Last Christmas we were phoned by Ms Jade Taylor , who bought a ground floor flat in Stamford Bridge in May 1996. The question was if we could estimate the price would likely be to prolong the lease by a further 90 years. Identical residencies in Stamford Bridge with 100 year plus lease were worth £255,000. The mid-range amount of ground rent was £50 invoiced every twelve months. The lease ran out in 2097. Considering the 71 years left we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including fees.

Stamford Bridge case:

In 2009 we were phoned by Dr Daniel Bertrand who, having moved into a one bedroom flat in Stamford Bridge in May 1997. We are asked if we could shed any light on how much (roughly) premium would likely be for a 90 year extension to my lease. Comparable homes in Stamford Bridge with a long lease were valued around £246,800. The mid-range amount of ground rent was £60 invoiced annually. The lease came to a finish in 2076. Considering the 50 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £44,700 and £51,600 plus legals.