The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Stapleford have the right to extend the lease for a further ninety years under statute. Please give careful consideration before delaying your Stapleford lease extension. Shelving that expense now simply increases the premium you will ultimately have to pay to extend the lease.
It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Birmingham Midshires | |
| Coventry Building Society | |
| Skipton Building Society | |
| Virgin |
Engaging our service gives you increased control over the value of your Stapleford leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Twenty four months ago Lewis, started to get near to the 80-year mark with the lease on his ground floor flat in Stapleford. In buying his home two decades ago, the lease term was of no interest. Luckily, he recognised he would imminently be paying an inflated amount for Extending the lease. Lewis was able to extend his lease just under the wire in March. Lewis and the freeholder subsequently settled on the final figure of £5,500 . If he had missed the deadline, the sum would have escalated by a minimum £1,125.
Last Spring we were e-mailed by Mr and Mrs. P Gómez , who was assigned a lease of a ground floor apartment in Stapleford in February 1996. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by a further 90 years. Comparative residencies in Stapleford with 100 year plus lease were worth £250,400. The mid-range ground rent payable was £65 collected yearly. The lease came to a finish in 2090. Given that there were 64 years left we calculated the premium to the landlord to extend the lease to be within £19,000 and £22,000 not including legals.
Dr J Martínez acquired a first floor apartment in Stapleford in June 1997. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year extension to my lease. Similar residencies in Stapleford with an extended lease were in the region of £189,000. The average amount of ground rent was £55 invoiced monthly. The lease expired in 2079. Given that there were 53 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £28,500 and £33,000 not including expenses.