Why you should commence your Stoke Park lease extension

Why you should start your Stoke Park lease extension today:

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

The only way is down when it comes to Stoke Park lease terms. Stoke Park leaseholds that have a remaining term lower than eighty years will de-escalate in value at a rapid rate, and the cost to extend your lease will go up.

An extended lease has roughly the same value as a freehold

Leasehold properties in Stoke Park with over 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges justify it.

Banks and Building Societies will not loan monies with a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to get nervous at around 75 years. This will be problematic once you come to sell or remortgage your flat as it will be effectively unmortgageable. Even though you might not have an imminent plan to sell but when you do your buyer must hold off for two years before they can exercise the right to a a lease extension.

Why use us for your lease extension in Stoke Park?

Lease extensions in Stoke Park can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and valuer 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 in-depth market knowledge dealing with Stoke Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Stoke Park Lease Extension Case Summaries:

Felix, Stoke Park, Bristol

18 months ago Felix, came precariously close to the 80-year mark with the lease on his first floor flat in Stoke Park. In buying his home two decades ago, the length of the lease was of no concern. by good luck, he became aware that he would soon be paying way over the odds for a lease extension. Felix extended the lease just in the nick of time in May. Felix and the landlord eventually agreed on sum of £6,000 . If the lease had slid lower than eighty years, the price would have increased by at least £1,125.

Stoke Park case:

Last Autumn we were e-mailed by Mr Riley Campbell , who was assigned a lease of a purpose-built apartment in Stoke Park in May 1998. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by a further 90 years. Similar homes in Stoke Park with 100 year plus lease were valued around £280,000. The mid-range ground rent payable was £55 invoiced monthly. The lease end date was on 4 March 2104. Given that there were 78 years as a residual term we calculated the premium to the landlord to extend the lease to be between £13,300 and £15,400 not including expenses.

Stoke Park case:

Mr Nathan Reed took over the lease of a studio flat in Stoke Park in November 1999. The question was if we could estimate the compensation to the landlord would be for a 90 year extension to my lease. Comparable residencies in Stoke Park with 100 year plus lease were worth £186,000. The average ground rent payable was £65 billed per annum. The lease ended on 1 September 2084. Given that there were 58 years remaining we estimated the compensation to the freeholder to extend the lease to be within £24,700 and £28,600 exclusive of fees.