Main reasons to start your Standish lease extension

Top reasons for lease extension now:

Increase your lease and increase your Standish property value

The only way is down when it comes to Standish lease terms. Standish leaseholds that have a lease term lower than 80 years will de-escalate in market price at a rapid rate, and the cost of extending your lease will go up.

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

It is generally considered that a property with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

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

Banks and Building Societies have specific criteria when lending funds charged on leasehold homes. Many will simply refuse lend at all once the residual lease term slips beneath a certain unexpired lease term. Many Banks and Building Societies will not consider property with a remaining term of less than seventy years as acceptable security. As well as this being important when selling, it is also relevant if you are wanting to refinance your Standish property.

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

Using our service gives you increased control over the value of your Standish leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Standish Lease Extension Example Cases:

Caleb, Standish, Greater Manchester

Half a year ago Caleb, started to get close to the eighty-year mark with the lease on his studio apartment in Standish. Having bought his property two decades ago, the unexpired term was of minimal significance. Fortunately, it dawned on him that he would soon be paying way over the odds for a lease extension. Caleb extended the lease just under the wire in June. Caleb and the landlord who owned the flat above ultimately agreed on the final figure of £5,500 . If the lease had dipped lower than 80 years, the premium would have become more exhorbitant by a minimum £875.

Standish case:

Mr and Mrs. P Rivera completed a one bedroom flat in Standish in May 2009. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Identical homes in Standish with an extended lease were valued around £261,600. The average ground rent payable was £60 invoiced yearly. The lease came to a finish on 19 October 2078. Given that there were 52 years remaining we estimated the premium to the landlord for the lease extension to be within £39,000 and £45,000 not including legals.

Standish case:

Last Christmas we were phoned by Mr A Williams , who moved into a basement flat in Standish in June 1998. We are asked if we could shed any light on how much (roughly) price would be to extend the lease by an additional years. Identical flats in Standish with a long lease were in the region of £218,000. The average ground rent payable was £45 billed quarterly. The lease ran out in 2089. Considering the 63 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £17,100 and £19,800 not including costs.