Why you should start your Stanford Le Hope lease extension

Main reasons to commence your Stanford Le Hope lease extension today:

Increase your lease and increase your Stanford Le Hope property value

Unfortunately that a Stanford Le Hope residential lease is a wasting asset. The lease value reduces in proportion to its lease length. The extent of this is not fully appreciated in the early years due to the deflation being disguised by increases in the Stanford Le Hope property prices.Once your lease gets to 85ish years, you need to start thinking about a lease extension. If the number of years remaining dips under eighty years, you will end up paying 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 extra 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 if you are eligibility. In some cases you may not qualify. There are also strict timeframes and procedures to follow once the process is initiated and you will need to be guided by your lawyer from beginning to end of the process.

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Mortgage lenders may not finance a property on a short lease

Banks and Building Societies have set criteria when lending monies charged on leasehold homes. Many will simply refrain from lending at all once an unexpired lease term goes below a specified unexpired lease term. Many Banks and Building Societies will not consider property with a remaining below seventy years as acceptable security. As well as impacting your ability to sell, it is also relevant where you are wanting to remortgage your Stanford Le Hope property.

Why use us for your lease extension in Stanford Le Hope?

Irrespective of whether you are a tenant or a landlord in Stanford Le Hope,the lease extension lawyers that we work with will always be happy 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.

Stanford Le Hope Lease Extension Example Cases:

Olivia, Stanford Le Hope, Essex,

Off the back of lengthy negotiations with the freeholder of her purpose-built apartment in Stanford Le Hope, Olivia started the lease extension process as the 80 year threshold was swiftly approaching. The transaction was concluded in February 2012. The freeholder’s charges were restricted to approximately 450 pounds.

Stanford Le Hope case:

Last month we were approach by Mr and Mrs. A López , who bought a studio flat in Stanford Le Hope in August 1999. We are asked if we could shed any light on how much (approximately) price would likely be for a 90 year extension to my lease. Similar flats in Stanford Le Hope with 100 year plus lease were in the region of £218,400. The average ground rent payable was £60 collected yearly. The lease ran out in 2085. Taking into account 59 years remaining we approximated the premium to the landlord for the lease extension to be within £27,600 and £31,800 not including costs.

Stanford Le Hope case:

In 2011 we were contacted by Dr Jasmine Allen who, having bought a garden flat in Stanford Le Hope in April 2004. The dilemma was if we could estimate the premium would be to extend the lease by a further 90 years. Comparable residencies in Stanford Le Hope with 100 year plus lease were valued about £205,000. The average amount of ground rent was £50 billed yearly. The lease elapsed on 28 August 2105. Given that there were 79 years outstanding we estimated the compensation to the landlord to extend the lease to be within £7,600 and £8,800 plus professional charges.