Top reasons for Stamford lease extension

Main reasons to start your Stamford lease extension today:

Increase your lease and increase your Stamford property value

Stamford residential property held on a long lease is a wasting asset as the leaseholder only owns the property for a period of years.

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Lending institutions may not loan monies with a short lease

Lenders are tightening their criteria and many now expect flats to have at least 60 if not 70 years remaining at the expiry of the mortgage. Considering a number of flats in Stamford were built in the 1950s, 1960s and 1970s this means many now require lease extensions if they wish to get a mortgage.

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

The conveyancers that we work with procure Stamford lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Stamford Lease Extension Example Cases:

Samantha, Stamford, Lincolnshire,

After lengthy discussions with the freeholder of her first floor apartment in Stamford, Samantha commenced the lease extension process as the 80 year mark was quickly coming. The legal work was finalised in January 2015. The landlord’s charges were kept to an absolute minimum.

Stamford case:

Last Winter we were e-mailed by Dr Aiden Walker , who purchased a purpose-built flat in Stamford in August 1998. We are asked if we could shed any light on how much (approximately) premium would likely be for a ninety year extension to my lease. Identical flats in Stamford with an extended lease were worth £265,200. The mid-range ground rent payable was £65 collected yearly. The lease termination date was in 2092. Taking into account 66 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £15,200 and £17,600 exclusive of fees.

Stamford case:

In 2012 we were e-mailed by Ms P Baker who, having purchased a purpose-built flat in Stamford in May 1997. The question was if we could approximate the price would be for a ninety year lease extension. Identical flats in Stamford with 100 year plus lease were worth £198,800. The average amount of ground rent was £55 collected monthly. The lease concluded on 1 May 2081. Taking into account 55 years outstanding we estimated the compensation to the landlord for the lease extension to be within £33,300 and £38,400 exclusive of costs.