The basic rule is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Stoke Park have the legal entitlement to extend the lease for an additional ninety years in accordance with statute. Please give careful consideration before delaying your Stoke Park lease extension. Postponing that expense today simply increases the premium you will ultimately be required to pay to extend the lease.
It is generally considered that a residential leasehold with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Birmingham Midshires | |
| Chelsea Building Society | |
| Halifax | |
| The Mortgage Works |
Lease extensions in Stoke Park can be a difficult process. We recommend you secure guidance 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 in-depth market knowledge procuring 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.
In recent months Ibrahim, started to get close to the eighty-year mark with the lease on his one bedroom apartment in Stoke Park. In buying his home 19 years previously, the lease term was of minimal interest. Fortunately, he recognised he would soon be paying an inflated amount for a lease extension. Ibrahim extended the lease at the eleventh hour last June. Ibrahim and the freeholder via the management company in the end agreed on an amount of £5,500 . If the lease had dipped lower than eighty years, the price would have gone up by at least £850.
Last month we were called by Mr Y Lewis , who bought a garden flat in Stoke Park in May 1999. We are asked if we could approximate the price would be for a 90 year lease extension. Comparative homes in Stoke Park with a long lease were valued around £235,200. The mid-range amount of ground rent was £45 billed quarterly. The lease finished on 24 April 2092. Having 66 years as a residual term we approximated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 plus professional charges.
Dr V Moreau purchased a basement flat in Stoke Park in March 2001. The question was if we could estimate the premium would be to prolong the lease by a further 90 years. Similar residencies in Stoke Park with an extended lease were in the region of £275,000. The mid-range amount of ground rent was £55 collected monthly. The lease terminated in 2103. Having 77 years remaining we approximated the premium to the landlord to extend the lease to be within £13,300 and £15,400 exclusive of legals.