Top reasons for Stanstead Abbotts lease extension

Why you should start your Stanstead Abbotts lease extension today:

A Stanstead Abbotts lease depreciates with the years remaining on the lease.

The only way is down when it comes to Stanstead Abbotts lease terms. Stanstead Abbotts flats that have a remaining term less than than 80 years will drop in value even faster, and the cost to extend your lease will rise.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the residence will be worth the same as a freehold for many years ahead.

Lending institutions may not loan monies on a short lease

Lenders are really clamping down as regards to properties in Stanstead Abbotts with short leases. For example you might discover that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so if you needed to sell, your only options would be to find a cash buyer, or try your luck at auction thus limiting the amount of prospective buyers.

Why use us for your lease extension in Stanstead Abbotts?

The lawyers that we work with handle Stanstead Abbotts lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Stanstead Abbotts Lease Extension Example Cases:

Emma, Stanstead Abbotts, Hertfordshire,

After unsuccessful negotiations with the freeholder of her ground floor flat in Stanstead Abbotts, Emma commenced the lease extension process just as the lease was coming close to the critical eighty-year mark. The transaction completed in March 2015. The freeholder’s fees were restricted to about 650 GBP.

Stanstead Abbotts case:

Mr B François bought a recently refurbished flat in Stanstead Abbotts in May 1999. The question was if we could estimate the premium would likely be to prolong the lease by a further 90 years. Identical premises in Stanstead Abbotts with an extended lease were worth £285,000. The average ground rent payable was £55 invoiced yearly. The lease came to a finish on 20 March 2105. Taking into account 79 years left we approximated the premium to the landlord for the lease extension to be within £13,300 and £15,400 not including legals.

Stanstead Abbotts case:

Dr N Díaz purchased a first floor apartment in Stanstead Abbotts in June 2011. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by an additional years. Identical homes in Stanstead Abbotts with a long lease were in the region of £193,400. The mid-range ground rent payable was £65 collected every twelve months. The lease ran out on 19 April 2085. Taking into account 59 years unexpired we estimated the premium to the freeholder for the lease extension to be between £21,900 and £25,200 not including legals.