Stansted Lease Extension - Free Consultation

Before you progress with your lease extension in Stansted
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Main reasons to start your Stansted lease extension

Main reasons to commence your Stansted lease extension today:

A Stansted leasehold property depreciates with the years remaining on the lease.

For those whose Stansted flat is held on a long lease, our message is clear – if you do nothing, your property will eventually revert to the freeholder, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more expensive it will be to procure a lease extension.

Stansted property with a lease extension is almost the same value as a freehold

It is generally considered that a residential leasehold with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may not lend with a short lease

Almost all mortgage companies will be unwilling to grant a mortgage on a lease with under seventy years left to run - although this varies between mortgage companies. A buyer will no doubt find it difficult in obtaining a mortgage and this could result in your Stansted property being difficult to dispose of or remortgage.

Lender Requirement
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Leeds Building Society 85 years remaing from the start of the mortgage.
Santander You must report the unexpired lease term to us and await our instructions if:
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided
However, we will not accept a lease where on expiry of the mortgage:
(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or
(ii) less than 30 years remain and the loan is repaid on a capital and interest basis

We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
Royal Bank of Scotland Mortgage term plus 30 years. For a Lifetime Mortgage, the term must be no less than 150 years minus the age of the Borrower.

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

Using our service gives you increased control over the value of your Stansted leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Stansted Lease Extension Case Studies:

Rachael, Stansted, Essex,

Off the back of protracted negotiations with the freeholder of her first floor flat in Stansted, Rachael initiated the lease extension process as the eighty year mark was fast coming. The transaction was concluded in September 2005. The freeholder’s costs were restricted to slightly above 650 pounds.

Stansted case:

In 2014 we were contacted by Ms F Davies who, having moved into a one bedroom flat in Stansted in November 2003. We are asked if we could estimate the premium would be to prolong the lease by 90 years. Identical homes in Stansted with 100 year plus lease were valued about £183,600. The average ground rent payable was £65 invoiced monthly. The lease lapsed in 2079. Given that there were 57 years remaining we approximated the compensation to the landlord for the lease extension to be between £28,500 and £33,000 exclusive of fees.

Stansted case:

Last Winter we were phoned by Dr Catherine Bennett , who purchased a ground floor flat in Stansted in February 1996. We are asked if we could estimate the price could be for a 90 year extension to my lease. Similar residencies in Stansted with a long lease were worth £245,000. The mid-range ground rent payable was £45 collected quarterly. The lease terminated on 19 March 2090. Taking into account 68 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 plus legals.