Why you should commence your Stoke Gifford lease extension

Main reasons to start your Stoke Gifford lease extension today:

A Stoke Gifford lease depreciates with the years remaining on the lease.

The value of Stoke Gifford 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 escalate significantly once the remaining term is below than eighty years

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

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years remaining, the property will be equivalent in value to a freehold for many years ahead.

Lenders may not grant a mortgage on a short lease

Why use us for your lease extension in Stoke Gifford?

Irrespective of whether you are a tenant or a landlord in Stoke Gifford,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 experience and the close ties they enjoy with Stoke Gifford valuers.

Stoke Gifford Lease Extension Example Cases:

Kayleigh, Stoke Gifford, Gloucestershire,

Subsequent to protracted correspondence with the freeholder of her basement flat in Stoke Gifford, Kayleigh initiated the lease extension process just as her lease was approaching the all-important eighty-year threshold. The legal work completed in November 2015. The landlord’s charges were kept to an absolute minimum.

Stoke Gifford case:

In 2014 we were approached by Mr and Mrs. Y Moreau who, having owned a basement apartment in Stoke Gifford in November 2011. The question was if we could estimate the premium would be to prolong the lease by 90 years. Identical flats in Stoke Gifford with a long lease were in the region of £250,000. The average ground rent payable was £50 billed quarterly. The lease concluded in 2095. Considering the 69 years outstanding we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of costs.

Stoke Gifford case:

Last month we were approach by Mr and Mrs. W Moore , who completed a purpose-built flat in Stoke Gifford in August 2007. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by a further 90 years. Comparative homes in Stoke Gifford with 100 year plus lease were in the region of £290,000. The mid-range amount of ground rent was £60 invoiced quarterly. The lease elapsed in 2106. Taking into account 80 years remaining we approximated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 exclusive of fees.