Stockbridge Village leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Stockbridge Village residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Stockbridge Village you must check if your lease has between seventy and 90 years remaining. There are good reasons why a Stockbridge Village leaseholder with a lease having around 80 years unexpired should take steps to make sure that a lease extension is put in place without delay
It is conventional wisdom that a property with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years left, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Chelsea Building Society | |
| Leeds Building Society | |
| The Mortgage Works | |
| Virgin |
Lease extensions in Stockbridge Village can be a difficult process. We recommend you procure professional help from a conveyancer and surveyor 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 in-depth market knowledge dealing with Stockbridge Village lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Half a year ago Jackson, started to get near to the 80-year threshold with the lease on his two bedroom apartment in Stockbridge Village. Having purchased his property two decades ago, the lease term was of little significance. Thankfully, he realised he needed to take steps soon on Extending the lease. Jackson arranged for a lease extension just under the wire last August. Jackson and the freeholder ultimately agreed on a premium of £5,000 . If he failed to meet the deadline, the amount would have gone up by a minimum £850.
Last Autumn we were contacted by Ms G Bernard , who owned a newly refurbished flat in Stockbridge Village in March 2004. The dilemma was if we could approximate the compensation to the landlord would likely be to extend the lease by a further 90 years. Comparable properties in Stockbridge Village with a long lease were in the region of £225,400. The mid-range amount of ground rent was £45 billed yearly. The lease lapsed in 2090. Given that there were 64 years left we estimated the compensation to the freeholder for the lease extension to be within £15,200 and £17,600 plus professional charges.
Last Spring we were e-mailed by Ms I Scott , who purchased a first floor flat in Stockbridge Village in November 2009. We are asked if we could shed any light on how much (approximately) price would likely be to extend the lease by a further 90 years. Comparative residencies in Stockbridge Village with 100 year plus lease were valued around £270,000. The average amount of ground rent was £55 billed monthly. The lease lapsed on 16 August 2101. Having 75 years as a residual term we calculated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of expenses.