Main reasons to start your Standish lease extension

Main reasons to start your Standish lease extension today:

Increase your lease and increase your Standish property value

Unfortunately that a Standish residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the early years due to the deflation being disguised by increases in the Standish property market.Once your lease gets to 85ish years, you should start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls lower than eighty years - otherwise a higher premium will be due. The majority of flat owners in Standish will be able to extend under the legislation; however a conveyancing solicitor should be able to confirm whether you qualify for an extension. In some cases you may not be entitled. There are also strict deadlines and procedures to follow once the process is instigated and you will need to be guided by your conveyancer for the duration of the process.

An extended lease has roughly the same value as a freehold

Leasehold properties in Standish with in excess of one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Mortgage lenders will not finance a property with a short lease

Most banks have narrowed their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against flats with shorter lease terms, particularly under 75 years as they are deemed to be inadequate for lending purposes.

What makes us experts in Standish lease extensions?

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

Standish Lease Extension Case Studies:

Amelia, Standish, Greater Manchester,

Following lengthy correspondence with the freeholder of her ground floor flat in Standish, Amelia started the lease extension process as the 80 year threshold was quickly nearing. The transaction completed in November 2010. The freeholder’s costs were restricted to below 700 GBP.

Standish case:

Last year we were approach by Ms L Smith , who moved into a studio apartment in Standish in May 1996. The question was if we could estimate the price would likely be for a 90 year lease extension. Identical premises in Standish with an extended lease were worth £260,000. The mid-range amount of ground rent was £50 collected quarterly. The lease finished on 18 September 2097. Considering the 71 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 not including expenses.

Standish case:

In 2014 we were e-mailed by Dr Maisie Brooks who, having was assigned a lease of a one bedroom apartment in Standish in February 2000. We are asked if we could shed any light on how much (approximately) price would be to extend the lease by ninety years. Identical properties in Standish with an extended lease were worth £254,200. The average amount of ground rent was £60 collected every twelve months. The lease termination date was on 11 February 2077. Considering the 51 years unexpired we approximated the premium to the landlord for the lease extension to be between £43,700 and £50,600 exclusive of fees.