Main reasons to commence your Stanwick lease extension

Main reasons to start your Stanwick lease extension today:

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

For anyone whose Stanwick home is held on a long lease, the message is clear – if you do nothing, the property will eventually revert to your landlord, 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.

An extended lease is almost the same value as a freehold

Leasehold premises in Stanwick with in excess of one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.

Banks and Building Societies may decide not to grant a mortgage on a short lease

Lenders do not like short residential leases. You are likely to encounter problems if you need to sell your flat in Stanwick if the remaining term of your lease is less than the criteria set by most banks and building societies. Different lenders have varying criteria but in the main theyrequire a minimum remaining lease term of seventy years.

What makes us experts in Stanwick lease extensions?

Regardless of whether you are a tenant or a landlord in Stanwick,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 Stanwick valuers.

Stanwick Lease Extension Case Summaries:

Courtney, Stanwick, Northamptonshire,

In the wake of 9 months of unsuccessful discussions with the freeholder of her garden flat in Stanwick, Courtney commenced the lease extension process just as her lease was nearing the all-important 80-year threshold. The legal work was finalised in November 2009. The landlord’s fees were restricted to below 450 pounds.

Stanwick case:

Mr Luca Reed was assigned a lease of a purpose-built apartment in Stanwick in August 1997. The question was if we could estimate the compensation to the landlord could be to prolong the lease by ninety years. Comparable homes in Stanwick with an extended lease were in the region of £280,000. The average ground rent payable was £45 collected annually. The lease expired in 2096. Given that there were 70 years unexpired we calculated the premium to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of legals.

Stanwick case:

In 2014 we were contacted by Ms W Lefebvre who, having was assigned a lease of a one bedroom flat in Stanwick in February 1998. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year extension to my lease. Identical homes in Stanwick with an extended lease were valued around £218,400. The mid-range ground rent payable was £60 billed annually. The lease ran out in 2085. Taking into account 59 years unexpired we approximated the premium to the freeholder to extend the lease to be between £27,600 and £31,800 not including costs.