Main reasons to start your Stansted lease extension

Why you should commence your Stansted lease extension today:

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

On the balance of probabilities if you own a flat in Stansted you actually own a long leasehold interest over your property

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

It is generally accepted that a residential leasehold with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Mortgage lenders will not lend on a short lease

Nearly all mortgage lenders will be unwilling to lend on a lease with under seventy years unexpired - although this varies between mortgage companies. A purchaser will likely find it difficult in obtaining a mortgage and this will result in your Stansted property being difficult to sell or remortgage.

What makes us experts in Stansted lease extensions?

The conveyancers that we work with undertake Stansted 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 conveyancer we work with provide it.

Stansted Lease Extension Example Cases:

Luca, Stansted, Essex

During the course of the last few months Luca, came critically close to the 80-year threshold with the lease on his first floor apartment in Stansted. Having bought his flat two decades ago, the unexpired term was of no interest. by good luck, it dawned on him that he would imminently be paying way over the odds for Extending the lease. Luca arranged for a lease extension just under the wire in March. Luca and the freeholder subsequently agreed on sum of £5,000 . If the lease had descended lower than eighty years, the amount would have gone up by at least £1,025.

Stansted case:

Last Autumn we were phoned by Mrs E Edwards , who acquired a purpose-built apartment in Stansted in April 2009. The dilemma was if we could approximate the compensation to the landlord could be to extend the lease by a further 90 years. Similar residencies in Stansted with a long lease were in the region of £265,000. The average ground rent payable was £50 billed annually. The lease concluded on 15 June 2099. Having 73 years outstanding we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 not including costs.

Stansted case:

In 2014 we were e-mailed by Mr and Mrs. A Harris who, having acquired a basement flat in Stansted in April 1995. We are asked if we could approximate the premium would be to prolong the lease by ninety years. Comparative residencies in Stansted with a long lease were worth £264,000. The mid-range ground rent payable was £60 invoiced per annum. The lease concluded on 5 May 2079. Having 53 years remaining we approximated the compensation to the landlord to extend the lease to be between £37,100 and £42,800 not including legals.