Main reasons to start your Stoke Newington lease extension

Top reasons for lease extension now:

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

Stoke Newington leases on residential properties are gradually losing 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 Stoke Newington enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Stoke Newington you should check if your lease has between seventy and ninety years remaining. There are compelling reasons why a Stoke Newington leaseholder with a lease having around eighty years unexpired should take action to ensure that a lease extension is actioned without delay

An extended lease has roughly the same value as a freehold

Leasehold premises in Stoke Newington with more than one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges justify it.

Mortgage lenders will not loan monies on a short lease

Most mortgage lenders have constrained their lending criteria in recent years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against property with shorter lease terms, particularly below seventy years as they are regarded as inadequate security.

Why use us for your lease extension in Stoke Newington?

Engaging our service gives you increased control over the value of your Stoke Newington leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Stoke Newington Lease Extension Case Studies:

Cameron, Stoke Newington, London

During the course of the last few months Cameron, came precariously near to the 80-year mark with the lease on his one bedroom flat in Stoke Newington. In buying his flat 18 years previously, the unexpired term was of little interest. Fortunately, he realised he would soon be paying an escalated premium for a lease extension. Cameron arranged for a lease extension just ahead of time in August. Cameron and the landlord eventually settled on sum of £5,000 . If he not met the deadline, the sum would have escalated by at least £950.

Stoke Newington case:

Last year we were contacted by Dr N Morris , who took over the lease of a one bedroom flat in Stoke Newington in August 2004. The question was if we could estimate the premium would be for a ninety year extension to my lease. Similar premises in Stoke Newington with 100 year plus lease were worth £173,800. The average ground rent payable was £60 billed monthly. The lease ended on 24 July 2081. Considering the 55 years left we approximated the compensation to the landlord to extend the lease to be within £31,400 and £36,200 not including professional charges.