With a domestic leasehold property in Stanford Le Hope, you are actually buying a right to reside in a property for a prescribed time frame. Modern flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you should think about a lease extension sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease gets disproportionately more expensive particularly when there are less than 80 years remaining. Leasehold owners in Stanford Le Hope with a lease nearing 81 years left should seriously consider extending it sooner than later. When a lease has less than 80 years left, under the current statute the freeholder can calculate and charge a greater premium, assessed on a technical multiplication, known as “marriage value” which is due.
It is conventional wisdom that a property with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Godiva Mortgages | |
| Halifax | |
| National Westminster Bank | |
| The Mortgage Works |
Irrespective of whether you are a tenant or a freeholder in Stanford Le Hope,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Stanford Le Hope valuers.
Last October Ryan, came perilously near to the eighty-year mark with the lease on his studio flat in Stanford Le Hope. In buying his home twenty years ago, the length of the lease was of no importance. As luck would have it, he became aware that he would imminently be paying way over the odds for Extending the lease. Ryan extended the lease at the eleventh hour in May. Ryan and the landlord eventually agreed on sum of £5,500 . If he had missed the deadline, the premium would have gone up by at least £1,150.
Last year we were called by Dr Joseph Sánchez , who bought a garden apartment in Stanford Le Hope in November 1998. We are asked if we could estimate the price could be to prolong the lease by 90 years. Similar properties in Stanford Le Hope with a long lease were worth £280,000. The mid-range amount of ground rent was £45 collected per annum. The lease lapsed in 2097. Given that there were 71 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of expenses.
Mr M Cox moved into a one bedroom apartment in Stanford Le Hope in October 2002. The dilemma was if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Similar premises in Stanford Le Hope with 100 year plus lease were in the region of £225,800. The average amount of ground rent was £60 invoiced monthly. The lease expired in 2086. Given that there were 60 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £25,700 and £29,600 not including costs.