Main reasons to commence your Stocksfield lease extension

Main reasons to commence your Stocksfield lease extension today:

Increase your lease and increase your Stocksfield property value

Stocksfield 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 gets more expensive. Most owners of residential leasehold property in Stocksfield enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Stocksfield you would be well advised to check if your lease has between seventy and 90 years left. There are good reasons why a Stocksfield leaseholder with a lease having around eighty years unexpired should take steps to ensure that a lease extension is put in place without delay

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

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the premises will be worth the same as a freehold for many years in the future.

Lending institutions will not finance a property with a short lease

Mortgage companies are making their criteria more stringent and a meaningful number now want flats to have a minimum of sixty if not seventy years remaining once the mortgage has expired. As a number of flats in Stocksfield were created in the 1950s, 1960s and 1970s as a result many now need to be extended if they wish to get a mortgage.

Why use us for your lease extension in Stocksfield?

Regardless of whether you are a tenant or a landlord in Stocksfield,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Stocksfield valuers.

Stocksfield Lease Extension Case Summaries:

Morgan, Stocksfield, Northumberland,

After lengthy correspondence with the freeholder of her studio flat in Stocksfield, Morgan initiated the lease extension process as the eighty year threshold was swiftly approaching. The transaction was concluded in March 2008. The landlord’s charges were restricted to approximately 650 GBP.

Stocksfield case:

In 2012 we were approached by Mr and Mrs. R Allen who, having moved into a ground floor flat in Stocksfield in November 1997. We are asked if we could shed any light on how much (approximately) premium would be for a 90 year lease extension. Similar properties in Stocksfield with a long lease were valued around £184,000. The average amount of ground rent was £55 invoiced every twelve months. The lease concluded in 2079. Considering the 53 years remaining we calculated the compensation to the landlord to extend the lease to be within £28,500 and £33,000 plus costs.

Stocksfield case:

Last Summer we were phoned by Mrs Victoria Simon , who acquired a basement apartment in Stocksfield in February 2004. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year lease extension. Comparative homes in Stocksfield with a long lease were in the region of £290,000. The mid-range amount of ground rent was £45 invoiced annually. The lease came to a finish on 1 April 2099. Given that there were 73 years as a residual term we estimated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 not including costs.