Why you should start your Stockton Heath lease extension

Main reasons to start your Stockton Heath lease extension today:

Increase your lease and increase your Stockton Heath property value

The only way is down when it comes to Stockton Heath lease terms. Stockton Heath leaseholds that have a lease term lower than eighty years will reduce in market price at a rapid rate, and the cost of extending your lease will increase.

Stockton Heath property with a lease extension has roughly the same value as a freehold

It is generally accepted that a property with over 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Lenders will not grant a mortgage on a short lease

Banks and building societies are really clamping down as regards to homes in Stockton Heath with short leases. For instance you might discover that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you wanted to sell, your only options would be to find a cash buyer, or try your luck at auction thus reducing the number of potential purchasers.

What makes us experts in Stockton Heath lease extensions?

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

Stockton Heath Lease Extension Example Cases:

Ethan, Stockton Heath, Cheshire

Half a year ago Ethan, started to get near to the eighty-year mark with the lease on his basement apartment in Stockton Heath. In buying his home twenty years previously, the lease term was of minimal relevance. Fortunately, he realised he would imminently be paying way over the odds for Extending the lease. Ethan was able to extend his lease just under the wire last August. Ethan and the freeholder via the managing agents subsequently agreed on a premium of £6,000 . If he not met the deadline, the sum would have become more costly by a minimum £1,075.

Stockton Heath case:

Mr and Mrs. U Garcia purchased a purpose-built flat in Stockton Heath in August 2011. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by 90 years. Identical premises in Stockton Heath with a long lease were valued around £275,000. The mid-range amount of ground rent was £55 billed monthly. The lease lapsed in 2102. Having 76 years remaining we calculated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of costs.

Stockton Heath case:

Dr Courtney Miller acquired a first floor flat in Stockton Heath in February 1998. The question was if we could shed any light on how much (roughly) price would likely be to extend the lease by ninety years. Similar premises in Stockton Heath with a long lease were worth £176,200. The average amount of ground rent was £65 collected quarterly. The lease lapsed in 2082. Having 56 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £29,500 and £34,000 plus expenses.