Top reasons for Stanwick lease extension

Top reasons for lease extension now:

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

For anyone whose Stanwick home is held on a long lease, the message is clear – if no remedial action is taken, the property will eventually revert to your landlord, leaving you empty-handed. The shorter the lease the less it is worth and the more it will cost to extend the lease.

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

It is generally considered that a residential leasehold with over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the premises will be worth the same as a freehold for many years ahead.

Mortgage lenders may not lend with a short lease

Almost all mortgage companies insist on a lengthy amount of time remaining on any leasehold residence before they will contemplate providing a mortgage on it. Regardless of whether you need a mortgage, you should keep in mind that it is likely that someone intending to buy your property in the future might well do, so if they can't secure a mortgage, then the market price of the property will likely be adversely impacted. Since 2008 many banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

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

The conveyancers that we work with handle Stanwick 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 lawyer we work with provide it.

Stanwick Lease Extension Case Summaries:

Freddie, Stanwick, Northamptonshire,

Freddie was the the leasehold owner of a conversion flat in Stanwick on the market with a lease of just over 61 years remaining. Freddie on an informal basis spoke with his freeholder being a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £50 yearly. Ordinarily, ground rent would not be payable on a lease extension were Freddie to invoke his statutory right. Freddie procured expert advice and secured satisfactory deal informally and sell the property.

Stanwick case:

In 2012 we were called by Mr and Mrs. O André who, having completed a ground floor apartment in Stanwick in February 2003. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparable flats in Stanwick with an extended lease were valued around £174,200. The average ground rent payable was £55 invoiced monthly. The lease ended on 15 February 2077. Taking into account 51 years left we calculated the compensation to the landlord for the lease extension to be between £31,400 and £36,200 not including professional charges.

Stanwick case:

In 2009 we were called by Mr V Evans who, having took over the lease of a basement flat in Stanwick in September 1996. We are asked if we could shed any light on how much (approximately) premium could be for a 90 year lease extension. Similar residencies in Stanwick with a long lease were worth £285,000. The average ground rent payable was £45 billed quarterly. The lease came to a finish on 11 June 2097. Taking into account 71 years remaining we approximated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 plus fees.