Main reasons to commence your Stanwell lease extension

Main reasons to commence your Stanwell lease extension today:

A Stanwell lease depreciates with the years remaining on the lease.

The value of Stanwell leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase materialy once the remaining term is less than eighty years

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

It is generally considered that a property with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 35 years left, the premises will be worth the same as a freehold for many years in the future.

Lenders will not grant a mortgage on a short lease

The definition of a short lease varies by mortgage company, yet lending institutions start to become jittery at around 75 years. This will be problematic as and when you need to market or refinance your property as it will be practically unmortgageable. Even though you might have no immediate intention to sell but when you do your buyer will have to hold off for 2 years before being able to exercise the right to a an extension to the lease.

What makes us experts in Stanwell lease extensions?

Irrespective of whether you are a tenant or a freeholder in Stanwell,the lease extension solicitors that we work with will always be happy 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:

Jayden, Stanwell, North London

Last October Jayden, came critically near to the eighty-year mark with the lease on his purpose- built flat in Stanwell. Having purchased his home two decades ago, the lease term was of minimal significance. Fortunately, it dawned on him that he would soon be paying an escalated premium for a lease extension. Jayden extended the lease at the eleventh hour last August. Jayden and the freeholder in the end agreed on a premium of £5,000 . If the lease had descended below eighty years, the premium would have become more costly by a minimum £1,050.

Stanwell case:

Mr and Mrs. R Parker took over the lease of a purpose-built apartment in Stanwell in July 2007. The dilemma was if we could estimate the compensation to the landlord would be for a 90 year extension to my lease. Comparable homes in Stanwell with a long lease were in the region of £254,200. The average amount of ground rent was £60 invoiced quarterly. The lease came to a finish on 6 October 2077. Considering the 51 years left we approximated the compensation to the freeholder for the lease extension to be between £43,700 and £50,600 exclusive of fees.