Main reasons to commence your Stamford Hill lease extension

Why you should start your Stamford Hill lease extension today:

Increase your lease and increase your Stamford Hill property value

Stamford Hill leases on domestic deteriorating in value. Where your lease has in the region of 90 years unexpired, you should start considering the need for a lease extension. If lease term is under eighty years, you will then be required to pay 50% of the property's 'marriage value' on top of the standard cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Stamford Hill will mostly be legally entitled to a lease extension; however a solicitor will check your eligibility. In certain circumstances you may not be entitled. There are prescribed timetables and steps to comply with once the process is initiated so it’s sensible to be guided by a conveyancing solicitor during the process.

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

Leasehold premises in Stamford Hill with more than 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges warrant it.

Banks and Building Societies may decide not to finance a property on a short lease

Lending institutions have specific criteria when lending monies charged on leasehold property. Some will simply not lend at all once an unexpired lease term falls below a certain unexpired lease term. Many Mortgage lenders will not regard property with an unexpired term of less than seventy years as adequate security. As well as this being important when selling, it is also relevant if you are intending to remortgage your Stamford Hill property.

Why use us for your lease extension in Stamford Hill?

Lease extensions in Stamford Hill can be a difficult process. We recommend you get guidance from a conveyancing solicitor and valuer 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 Hill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Stamford Hill Lease Extension Case Summaries:

Jake, Stamford Hill, London,

Jake owned a high value apartment in Stamford Hill being sold with a lease of a little over 59 years remaining. Jake on an informal basis spoke with his freeholder being a well known local-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £100 yearly. No ground rent would be due on a lease extension were Jake to invoke his statutory right. Jake procured expert legal guidance and secured satisfactory resolution without going to tribunal and sell the flat.

Stamford Hill case:

In 2014 we were approached by Mrs P Harris who, having was assigned a lease of a garden apartment in Stamford Hill in February 2007. The question was if we could approximate the premium could be to prolong the lease by 90 years. Identical homes in Stamford Hill with an extended lease were worth £300,000. The average amount of ground rent was £50 billed quarterly. The lease end date was on 14 January 2101. Taking into account 75 years remaining we calculated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 not including legals.