When it comes to residential leasehold property in Stapleford, you effectively rent it for a certain amount of time. Modern flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you should think about a lease extension sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease becomes disproportionately more expensive particularly when there are fewer than eighty years remaining. Anyone in Stapleford with a lease drawing near to 81 years unexpired should seriously consider extending it as soon as possible. When a lease has under eighty years left, under the relevant Act the freeholder is entitled to calculate and levy a greater amount, based on a technical multiplication, strangely termed as “marriage value” which is due.
It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years left, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Chelsea Building Society | |
| TSB | |
| Virgin |
Lease extensions in Stapleford can be a difficult process. We recommend you procure professional help from a lawyer and valuer well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Stapleford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Arthur was the the leasehold proprietor of a conversion flat in Stapleford on the market with a lease of a few days over sixty years outstanding. Arthur on an informal basis contacted his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent to start with set at £150 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Arthur to exercise his statutory right. Arthur procured expert legal guidance and secured satisfactory resolution without resorting to tribunal and readily saleable.
Mr and Mrs. S King moved into a recently refurbished apartment in Stapleford in June 1996. We are asked if we could estimate the premium would likely be for a 90 year lease extension. Comparative homes in Stapleford with an extended lease were valued around £300,000. The mid-range ground rent payable was £50 collected monthly. The lease concluded in 2102. Taking into account 76 years unexpired we estimated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 not including expenses.
Ms U Phillips moved into a first floor apartment in Stapleford in September 1995. We are asked if we could approximate the price could be for a ninety year extension to my lease. Identical residencies in Stapleford with 100 year plus lease were valued around £257,800. The mid-range ground rent payable was £65 collected quarterly. The lease elapsed in 2091. Having 65 years outstanding we estimated the premium to the landlord to extend the lease to be between £18,100 and £20,800 exclusive of professional charges.