Top reasons for Stanstead Abbotts lease extension

Main reasons to commence your Stanstead Abbotts lease extension today:

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

Stanstead Abbotts residential property held on a long lease is a wasting asset because a leaseholder only owns the property for a period of years.

Stanstead Abbotts property with a lease extension has roughly the same value as a freehold

Leasehold premises in Stanstead Abbotts with over one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and service charges warrant it.

Lenders will not issue a mortgage with a short lease

Get in touch with one of our Stanstead Abbotts lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a freeholder in Stanstead Abbotts,the lease extension experts 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 Stanstead Abbotts valuers.

Stanstead Abbotts Lease Extension Case Summaries:

Ellen, Stanstead Abbotts, Hertfordshire,

In the wake of 6 months of protracted correspondence with the freeholder of her basement apartment in Stanstead Abbotts, Ellen commenced the lease extension process just as the lease was nearing the all-important 80-year mark. The transaction was concluded in January 2011. The landlord’s costs were restricted to below 600 pounds.

Stanstead Abbotts case:

In 2013 we were called by Dr U Howard who, having was assigned a lease of a newly refurbished flat in Stanstead Abbotts in November 1995. The question was if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Identical premises in Stanstead Abbotts with an extended lease were worth £242,600. The mid-range ground rent payable was £45 billed yearly. The lease elapsed on 2 June 2093. Taking into account 67 years unexpired we approximated the compensation to the freeholder to extend the lease to be within £11,400 and £13,200 exclusive of fees.

Stanstead Abbotts case:

Last Christmas we were called by Mr O Green , who took over the lease of a one bedroom apartment in Stanstead Abbotts in May 1995. The question was if we could estimate the price would likely be to extend the lease by a further 90 years. Similar properties in Stanstead Abbotts with a long lease were valued about £280,000. The mid-range amount of ground rent was £55 billed every twelve months. The lease concluded in 2104. Considering the 78 years remaining we approximated the premium to the freeholder for the lease extension to be within £13,300 and £15,400 plus professional charges.