Main reasons to commence your Stoke Newington lease extension

Why you should start your Stoke Newington lease extension today:

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

Stoke Newington leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. Legislation has been in place for sometime now which permits qualifying Stoke Newington residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Stoke Newington you must check if your lease has between 70 and ninety years left. There are compelling reasons why a Stoke Newington flat owner with a lease having around 80 years remaining should take action to make sure that a lease extension is effected without delay

An extended lease is almost the same value as a freehold

Leasehold residencies in Stoke Newington with in excess of 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and service charges warrant it.

Lending institutions may decide not to finance a property with a short lease

Nearly all mortgage lenders will not lend on a lease with under seventy years remaining - although this varies from lender to lender. A purchaser will likely encounter difficulties in obtaining a mortgage and this will result in your Stoke Newington property being difficult to dispose of or to obtain finance on.

What makes us experts in Stoke Newington lease extensions?

Lease extensions in Stoke Newington can be a difficult process. We recommend you procure professional help from a lawyer and valuer with experience in this area.

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 dealing with 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.

Stoke Newington Lease Extension Example Cases:

Morgan, Stoke Newington, London,

After unsuccessful correspondence with the freeholder of her studio apartment in Stoke Newington, Morgan commenced the lease extension process just as the lease was coming close to the all-important eighty-year threshold. The legal work was concluded in January 2005. The freeholder’s costs were negotiated to less than 500 pounds.

Stoke Newington case:

Last September we were contacted by Mr L Collins , who acquired a first floor apartment in Stoke Newington in August 2012. The dilemma was if we could approximate the price would likely be to extend the lease by an additional years. Comparative premises in Stoke Newington with a long lease were worth £242,600. The average amount of ground rent was £45 billed monthly. The lease ran out in 2093. Considering the 67 years left we estimated the premium to the landlord for the lease extension to be between £11,400 and £13,200 plus fees.