It’s an underpublicised truth that a Stanford Le Hope residential lease is a deteriorating asset. As the lease term diminishes so does the value of the property. The extent of this is taken for granted in the first few years due to the depreciation being disguised by increases in the Stanford Le Hope property prices.Once your lease nears 85ish years, you need to start thinking about a lease extension. If the number of years remaining slips under eighty years, you will then be required to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property Most flat owners in Stanford Le Hope will be able to extend under the legislation; however a conveyancer will be able to clarify whether you are eligibility. In some situations you may not be entitled. There are also strict timeframes and procedures to follow once the process is instigated and you will need to be guided by your conveyancing solicitor from beginning to end of the process.
It is generally considered that a property with in excess of 100 years unexpired lease term is worth approximately the equivalent 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 many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Birmingham Midshires | |
| Coventry Building Society | |
| Santander | |
| Yorkshire Building Society |
Lease extensions in Stanford Le Hope can be a difficult process. We recommend you get professional help from a lawyer 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 in-depth market knowledge dealing with Stanford Le Hope lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Eli owned a 2 bedroom apartment in Stanford Le Hope being marketed with a lease of a few days over 72 years unexpired. Eli informally approached his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £100 per annum. Ordinarily, ground rent would not be payable on a lease extension were Eli to invoke his statutory right. Eli obtained expert advice and was able to make a more informed decision and handle with the matter and readily saleable.
Last Autumn we were contacted by Mr and Mrs. U Smith , who was assigned a lease of a purpose-built apartment in Stanford Le Hope in March 2009. The dilemma was if we could estimate the price would likely be for a ninety year lease extension. Identical homes in Stanford Le Hope with 100 year plus lease were worth £267,600. The average amount of ground rent was £65 collected quarterly. The lease expired in 2093. Having 67 years unexpired we estimated the premium to the freeholder to extend the lease to be within £14,300 and £16,400 not including legals.
Last year we were phoned by Dr R Rodríguez , who took over the lease of a one bedroom apartment in Stanford Le Hope in November 1997. We are asked if we could shed any light on how much (approximately) premium could be to prolong the lease by 90 years. Similar residencies in Stanford Le Hope with an extended lease were worth £201,200. The average ground rent payable was £55 billed annually. The lease ran out in 2082. Considering the 56 years left we calculated the premium to the freeholder for the lease extension to be between £31,400 and £36,200 exclusive of professional charges.