Why you should start your Stamfordham lease extension

Why you should start your Stamfordham lease extension today:

A Stamfordham lease depreciates with the years remaining on the lease.

Stamfordham leases on residential deteriorating in value. if your lease has approximately 90 years unexpired, you should start thinking about a lease extension. If lease term dips under 80 years, you will then have to pay half 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 Stamfordham will mostly be legally entitled to a lease extension; however a solicitor will check if you qualify. In certain situations you may not qualify. There are also strict deadlines and steps to comply with once the process is triggered so it’s wise to be guided by a lawyer during the process.

An extended lease is almost the same value as a freehold

It is generally considered that a property with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Banks and Building Societies may not lend on a short lease

Most mortgage companies will be unwilling to lend on a lease with less than 70 years unexpired - although this varies from lender to lender. A purchaser will undoubtedly encounter difficulties in obtaining a mortgage and this will result in your Stamfordham property being difficult to dispose of or to obtain finance on.

Why use us for your lease extension in Stamfordham?

Lease extensions in Stamfordham can be a difficult process. We recommend you secure professional help from a conveyancer 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 in-depth market knowledge dealing with Stamfordham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Stamfordham Lease Extension Case Studies:

Tia, Stamfordham, Northumberland,

Subsequent to unsuccessful discussions with the freeholder of her ground floor flat in Stamfordham, Tia initiated the lease extension process as the 80 year mark was rapidly nearing. The lease extension was concluded in January 2011. The freeholder’s costs were negotiated to slightly above 550 pounds.

Stamfordham case:

Last year we were approach by Dr H Turner , who purchased a one bedroom flat in Stamfordham in April 1995. The dilemma was if we could shed any light on how much (roughly) premium would likely be to prolong the lease by a further 90 years. Identical residencies in Stamfordham with an extended lease were worth £171,800. The mid-range ground rent payable was £55 billed annually. The lease came to a finish on 14 July 2076. Considering the 50 years as a residual term we approximated the premium to the freeholder to extend the lease to be between £32,300 and £37,400 plus fees.

Stamfordham case:

Last month we were approach by Dr I Brown , who bought a basement flat in Stamfordham in January 1998. The question was if we could approximate the price could be to extend the lease by 90 years. Comparable homes in Stamfordham with 100 year plus lease were valued about £280,000. The average amount of ground rent was £45 billed per annum. The lease expired on 7 May 2096. Taking into account 70 years left we estimated the premium to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of professional charges.