Why you should commence 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, which has a set term of years. The lease will normally be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Stamford Hill. Inevitably, the length of lease left reduces over time. This may slip by relatively unnoticed when the residence has to be sold or re-mortgaged. The shorter the lease the less it is worth and the more it will cost to extend the lease. Qualifying long lease owners in Stamford Hill have the legal entitlement to extend the lease for a further ninety years in accordance with legislation. Please give due deliberation before delaying your Stamford Hill lease extension. Putting off the cost now only increases the price you will ultimately have to pay to extend your lease

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

Leasehold premises in Stamford Hill with in excess of one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.

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

Lenders are really clamping down as regards to properties in Stamford Hill with short leases. For example you might discover that their lending requirements are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you needed to sell, your only options would be to find a cash buyer, or hope for the best at auction thus narrowing your market.

What makes us experts in Stamford Hill lease extensions?

Engaging our service will provide you enhanced control over the value of your Stamford Hill leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Stamford Hill Lease Extension Case Summaries:

Lily, Stamford Hill, London,

Trailing lengthy discussions with the landlord of her two bedroom apartment in Stamford Hill, Lily started the lease extension process just as the lease was nearing the critical 80-year deadline. The lease extension completed in April 2005. The freeholder’s fees were kept to an absolute minimum.

Stamford Hill case:

Last Christmas we were called by Ms Stephanie Miller , who owned a one bedroom apartment in Stamford Hill in January 1997. We are asked if we could estimate the price would likely be to prolong the lease by ninety years. Similar residencies in Stamford Hill with 100 year plus lease were valued around £181,600. The mid-range amount of ground rent was £55 collected every twelve months. The lease concluded in 2078. Given that there were 52 years as a residual term we estimated the premium to the landlord for the lease extension to be within £30,400 and £35,200 plus legals.