Top reasons for Stamford Bridge lease extension

Main reasons to commence 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 as a result any extension of the lease becomes more expensive. Legislation has been in place for sometime now which permits 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 investigate if your lease has between seventy and ninety years left. There are good reasons why a Stamford Bridge leaseholder with a lease having around 80 years remaining should take steps to ensure that a lease extension is effected without delay

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the property will be worth the same as a freehold for many years ahead.

Banks and Building Societies may decide not to issue a mortgage with a short lease

Most mortgage companies require a lengthy amount of time left on a leasehold residence before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should be conscious that it is probable that someone intending to purchase your property in the future might well do, so in the event that they can't secure a mortgage, then the market price of the property will likely be adversely impacted. In the last decade many mortgage lenders have increased the required minimum lease length that they are willing to lend on

Why use us for your lease extension in Stamford Bridge?

Lease extensions in Stamford Bridge can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and surveyor with experience in lease extensions.

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 a wealth of experience 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 Summaries:

Kian, Stamford Bridge, East Yorkshire

Last Summer Kian, came precariously near to the 80-year mark with the lease on his one bedroom flat in Stamford Bridge. In buying his home 19 years ago, the length of the lease was of little interest. Luckily, he noticed he would imminently be paying an escalated premium for a lease extension. Kian extended the lease at the eleventh hour in April. Kian and the freeholder via the managing agents in the end agreed on an amount of £6,000 . If the lease had slipped to less than eighty years, the sum would have become more exhorbitant by at least £975.

Stamford Bridge case:

Last month we were phoned by Mrs Alexandra Rose , who acquired a garden flat in Stamford Bridge in June 2000. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year extension to my lease. Comparative premises in Stamford Bridge with an extended lease were worth £166,400. The average amount of ground rent was £60 billed yearly. The lease came to a finish in 2080. Having 54 years remaining we calculated the compensation to the landlord for the lease extension to be between £32,300 and £37,400 not including professional charges.

Stamford Bridge case:

Last Winter we were called by Mrs R Hall , who was assigned a lease of a basement flat in Stamford Bridge in June 2012. We are asked if we could estimate the price would be for a ninety year extension to my lease. Comparative flats in Stamford Bridge with an extended lease were worth £232,800. The mid-range ground rent payable was £45 invoiced quarterly. The lease concluded on 26 March 2091. Taking into account 65 years left we approximated the premium to the freeholder to extend the lease to be between £13,300 and £15,400 exclusive of costs.