Stockbridge leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Stockbridge residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Stockbridge you should see if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value
Leasehold residencies in Stockbridge with over 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Chelsea Building Society | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Skipton Building Society |
Retaining our service will provide you increased control over the value of your Stockbridge leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
In recent months Tyler, came seriously near to the 80-year mark with the lease on his ground floor flat in Stockbridge. In buying his home two decades ago, the unexpired term was of little interest. by good luck, it dawned on him that he needed to take steps soon on Extending the lease. Tyler was able to extend his lease at the eleventh hour in August. Tyler and the freeholder via the managing agents subsequently agreed on the final figure of £6,000 . If he had missed the deadline, the price would have escalated by a minimum £925.
In 2013 we were phoned by Ms Kelsey Pérez who, having bought a studio flat in Stockbridge in August 2001. The dilemma was if we could shed any light on how much (approximately) price would likely be to prolong the lease by an additional years. Comparable residencies in Stockbridge with a long lease were valued about £218,000. The mid-range amount of ground rent was £45 invoiced per annum. The lease ended in 2089. Having 63 years left we approximated the compensation to the landlord to extend the lease to be within £17,100 and £19,800 plus costs.
Ms H Khan bought a basement flat in Stockbridge in May 2008. The dilemma was if we could estimate the price would be for a 90 year extension to my lease. Comparative flats in Stockbridge with 100 year plus lease were valued around £265,000. The average ground rent payable was £55 collected yearly. The lease concluded in 2100. Considering the 74 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including fees.