Main reasons to commence your Stevenage lease extension

Why you should commence your Stevenage lease extension today:

Increase your lease and increase your Stevenage property value

On the balance of probabilities if you own a flat in Stevenage you actually own a long leasehold interest over your property

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

It is conventional wisdom that a property with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Lenders may decide not to lend on a short lease

Banks and building societies are really restricting their approach as regards to properties in Stevenage with short leases. For example you might discover that their lending requirements are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you needed to sell, your only options would be to find a cash buyer, or hope for the best at auction thus limiting the number of potential purchasers.

What makes us experts in Stevenage lease extensions?

Retaining our service will provide you increased control over the value of your Stevenage leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Stevenage Lease Extension Example Cases:

Freya, Stevenage, Hertfordshire,

Following protracted negotiations with the landlord of her studio flat in Stevenage, Freya initiated the lease extension process as the eighty year deadline was rapidly nearing. The legal work was concluded in April 2011. The landlord’s costs were kept to an absolute minimum.

Stevenage case:

Last year we were phoned by Mrs Laura David , who purchased a one bedroom apartment in Stevenage in January 2000. We are asked if we could approximate the price would be to extend the lease by a further 90 years. Identical residencies in Stevenage with an extended lease were in the region of £218,400. The average amount of ground rent was £60 collected yearly. The lease lapsed in 2085. Taking into account 59 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £27,600 and £31,800 plus legals.

Stevenage case:

Dr K Hill purchased a recently refurbished apartment in Stevenage in August 2002. We are asked if we could approximate the price would be to extend the lease by 90 years. Comparable residencies in Stevenage with a long lease were in the region of £205,000. The average ground rent payable was £50 billed quarterly. The lease expired on 24 May 2105. Given that there were 79 years remaining we approximated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 plus legals.