Stoke Newington leases on domestic properties are gradually losing value. if your lease has approximately 90 years remaining, you should start thinking about a lease extension. If lease term dips under eighty years, you will then have to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Stoke Newington will mostly qualify for a lease extension; however a solicitor will confirm your eligibility. In certain situations you may not be entitled. There are prescribed deadlines and formalities to follow once the process is triggered so it’s prudent to be guided by a conveyancer during the process.
Leasehold residencies in Stoke Newington with over one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Barnsley Building Society | |
| TSB | |
| Virgin |
Lease extensions in Stoke Newington can be a difficult process. We recommend you get professional help from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Stoke Newington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Arthur was the the leasehold proprietor of a 2 bedroom flat in Stoke Newington being marketed with a lease of just over 61 years unexpired. Arthur on an informal basis contacted his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £200 per annum. No ground rent would be payable on a lease extension were Arthur to exercise his statutory right. Arthur procured expert advice and secured satisfactory deal without resorting to tribunal and sell the property.
In 2010 we were approached by Mr and Mrs. C Leroy who, having bought a basement apartment in Stoke Newington in April 2012. We are asked if we could shed any light on how much (roughly) price would likely be for a 90 year lease extension. Comparative residencies in Stoke Newington with 100 year plus lease were valued about £254,200. The mid-range amount of ground rent was £60 collected every twelve months. The lease elapsed on 16 June 2077. Considering the 51 years left we estimated the premium to the freeholder for the lease extension to be within £43,700 and £50,600 exclusive of fees.
An example of a Lease Extension decision for a Stoke Newington premises is Lower Flat 16A Beatty Road in September 2012. The premium payable was £13,577. The terms of the lease has been agreed between the Applicants and the First Respondent and the Tribunal did not seek to disturb that agreement. This case was in relation to 1 flat.