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Why you should start your Stamford Hill lease extension

Top reasons for lease extension now:

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

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will ordinarily be granted for a set period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Stamford Hill. Inevitably, the period of lease left reduces as time goes by. This is often overlooked and only becomes a problem when the property has to be disposed of or re-mortgaged. The shorter the lease the lower the value of the property and the more it will cost to extend the lease. Eligible leaseholders in Stamford Hill have the right to extend the lease for a further 90 years in accordance with the 1993 Leasehold Reform Act. Do give careful deliberation before delaying your Stamford Hill lease extension. Putting off that expense now simply increases the price you will eventually incur for a lease extension

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for decades to come.

Lending institutions may not issue a mortgage with a short lease

Lenders do not grant a mortgage on short residential leases. You are likely to encounter problems if you want to sell your flat in Stamford Hill if the remaining lease term is under the criteria set by the majority of mortgage companies. Different mortgage companies have different requirements but on the whole theyrequire a minimum remaining lease term of seventy years.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Halifax Minimum 70 years from the date of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

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

Irrespective of whether you are a tenant or a freeholder in Stamford Hill,the lease extension lawyers 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 Hill valuers.

Stamford Hill Lease Extension Example Cases:

Caitlin, Stamford Hill, London,

Off the back of unsuccessful negotiations with the landlord of her basement apartment in Stamford Hill, Caitlin initiated the lease extension process as the eighty year threshold was rapidly nearing. The transaction was concluded in February 2015. The freeholder’s fees were kept to an absolute minimum.

Stamford Hill case:

Mr and Mrs. S Gray owned a first floor apartment in Stamford Hill in October 2012. We are asked if we could shed any light on how much (approximately) price could be for a 90 year extension to my lease. Comparative premises in Stamford Hill with 100 year plus lease were valued about £233,200. The mid-range ground rent payable was £60 invoiced monthly. The lease ran out on 24 October 2086. Having 61 years outstanding we calculated the premium to the freeholder for the lease extension to be within £22,800 and £26,400 not including costs.

Decision in Hackney

An example of a Lease Extension case for a Stamford Hill flat is Flat 25, Stamford Hill Mansions Stamford Hill in April 2010. The Tribunal therefore determined that the premium to be paid by the lessee to the freeholder for the extension of the lease should be £28,984.00 This case affected 1 flat. The unexpired term was 59 years.