Owning a flat usually means owning a lease of the property, which has a finite term of years. your lease will usually be granted for a set period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Stoke Poges. Inevitably, the period of lease left reduces as time goes by. This may pass by relatively unnoticed when the property has to be disposed of or refinanced. The shorter the lease the lower the value of the property and the more expensive it will be to extend the lease. Eligible long lease owners in Stoke Poges have the legal entitlement to extend the lease for an additional 90 years in accordance with statute. Do give due attention before putting off your Stoke Poges lease extension. Holding off that expense now only increases the price you will ultimately incur for a lease extension
It is conventional wisdom that a property with over one hundred years remaining is worth approximately the same 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 many years ahead.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Birmingham Midshires | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Royal Bank of Scotland |
Engaging our service gives you increased control over the value of your Stoke Poges leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Elijah owned a 2 bedroom apartment in Stoke Poges being marketed with a lease of just over 72 years left. Elijah informally contacted his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £200 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Elijah to invoke his statutory right. Elijah obtained expert advice and was able to make an informed judgement and deal with the matter and sell the flat.
Last Winter we were e-mailed by Mr and Mrs. P Leroy , who acquired a recently refurbished apartment in Stoke Poges in June 2005. We are asked if we could approximate the price would likely be to prolong the lease by an additional years. Similar residencies in Stoke Poges with a long lease were in the region of £166,400. The average amount of ground rent was £60 billed monthly. The lease finished on 1 April 2080. Given that there were 54 years unexpired we estimated the premium to the landlord to extend the lease to be within £32,300 and £37,400 exclusive of legals.
Last Winter we were approach by Dr L Taylor , who completed a garden apartment in Stoke Poges in March 2000. The dilemma was if we could approximate the premium would likely be to prolong the lease by an additional years. Identical homes in Stoke Poges with an extended lease were valued about £232,800. The average ground rent payable was £45 billed yearly. The lease came to a finish in 2091. Having 65 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £13,300 and £15,400 exclusive of expenses.