Stop! Your Lease Extension in Stockwood Could Be FREE

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Many leaseholders in Stockwood are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Stockwood has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to commence your Stockwood lease extension

Main reasons to start your Stockwood lease extension today:

A Stockwood lease depreciates with the years remaining on the lease.

The value of Stockwood leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase significantly once the unexpired lease term is below than 80 years

An extended lease has roughly the same value as a freehold

It is generally considered that a property with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the residence will be equivalent in value to a freehold for many years ahead.

Lending institutions will not finance a property with a short lease

Many banks and building societies will not grant a mortgage on a lease with less than 70 years left to run - although this varies between mortgage companies. A buyer will undoubtedly encounter difficulties in obtaining a mortgage and this could result in your Stockwood property becoming difficult to dispose of or refinance.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Halifax Minimum 70 years from the date of the mortgage.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Get in touch with one of our Stockwood lease extension solicitors or enfranchisement solicitors

Engaging our service will provide you better control over the value of your Stockwood leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Stockwood Lease Extension Example Cases:

Ryan, Stockwood, Bristol,

Ryan owned a high value flat in Stockwood on the market with a lease of fraction over fifty eight years left. Ryan informally spoke with his freeholder being a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to a new rent at the outset set at £200 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Ryan to invoke his statutory right. Ryan procured expert legal guidance and was able to make an informed judgement and deal with the matter and sell the flat.

Stockwood case:

Last Summer we were e-mailed by Mr and Mrs. G García , who bought a garden apartment in Stockwood in February 1995. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by a further 90 years. Comparable flats in Stockwood with an extended lease were valued about £270,000. The average amount of ground rent was £55 collected quarterly. The lease terminated on 5 October 2102. Taking into account 76 years outstanding we approximated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of costs.

Stockwood case:

Last Summer we were phoned by Dr Omar Thompson , who bought a ground floor flat in Stockwood in March 2004. We are asked if we could estimate the price would be to extend the lease by a further 90 years. Comparable homes in Stockwood with an extended lease were valued about £176,200. The mid-range amount of ground rent was £65 invoiced monthly. The lease ended in 2082. Given that there were 56 years left we calculated the compensation to the landlord to extend the lease to be between £29,500 and £34,000 plus professional charges.