Top reasons for Stanwell lease extension

Top reasons for lease extension now:

Increase your lease and increase your Stanwell property value

There is no doubt about it a leasehold flat or house in Stanwell is a wasting asset as a result of the diminishing lease term. Where the lease has, more than 100 years to run then this decrease may be fractional however there will become a stage when a lease has under than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary logic behind why you should consider extending sooner as opposed to later. The majority of flat owners in Stanwell will meet the qualifying criteria; that being said a lawyer can confirm if you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

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

It is generally considered that a residential leasehold with over one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Lenders may not finance a property on a short lease

Mortgage companies are really restricting their approach as regards to homes in Stanwell with short leases. For example you may find that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refuse to lend 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 your market.

What makes us experts in Stanwell lease extensions?

Irrespective of whether you are a tenant or a freeholder in Stanwell,the lease extension lawyers 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 Stanwell valuers.

Stanwell Lease Extension Example Cases:

Chloe, Stanwell, North London,

Off the back of lengthy correspondence with the landlord of her garden apartment in Stanwell, Chloe commenced the lease extension process just as the lease was nearing the critical 80-year threshold. The lease extension was concluded in March 2015. The landlord’s charges were negotiated to approximately 500 GBP.

Stanwell case:

In 2014 we were contacted by Mr A Phillips who, having bought a studio flat in Stanwell in November 1996. The dilemma was if we could approximate the compensation to the landlord would likely be to extend the lease by 90 years. Similar properties in Stanwell with an extended lease were in the region of £255,000. The average ground rent payable was £50 billed monthly. The lease elapsed in 2096. Taking into account 70 years left we estimated the compensation to the freeholder for the lease extension to be between £10,500 and £12,000 plus costs.