Top reasons for Stoke Poges lease extension

Main reasons to commence your Stoke Poges lease extension today:

A Stoke Poges leasehold property depreciates with the years remaining on the lease.

Stoke Poges leases on residential properties are gradually losing value. Where your lease has in the region of ninety years unexpired, you should start thinking about a lease extension. If lease term is less than 80 years, you will then have to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Stoke Poges will usually qualify for a lease extension; however it’s a good idea to check with a conveyancing solicitor to check if you qualify. In some circumstances you may not qualify. There are prescribed timetables and steps to comply with once the process is triggered so it’s sensible to be guided by a lawyer during the process.

An extended lease is almost the same value as a freehold

Leasehold premises in Stoke Poges with more than one hundred 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 property. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies will not lend with a short lease

Mortgage companies will not grant a mortgage on short residential leases. You are likely to experience problems where you want to sell your flat in Stoke Poges if the unexpired lease term is less than the criteria set by most banks and building societies. Different lenders have different requirements but in the main they are looking for a minimum remaining lease term of 65 years.

Get in touch with one of our Stoke Poges lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a landlord in Stoke Poges,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Stoke Poges valuers.

Stoke Poges Lease Extension Example Cases:

Archie, Stoke Poges, Buckinghamshire

During the course of the last few months Archie, started to get near to the 80-year mark with the lease on his purpose- built flat in Stoke Poges. In buying his property 18 years ago, the lease term was of little importance. As luck would have it, he recognised he needed to take steps soon on Extending the lease. Archie was able to extend his lease just ahead of time in January. Archie and the landlord subsequently settled on a premium of £5,000 . If the lease had slipped to less than 80 years, the price would have increased by at least £925.

Stoke Poges case:

Dr T Green was assigned a lease of a newly refurbished flat in Stoke Poges in July 2008. The question was if we could shed any light on how much (approximately) premium could be to prolong the lease by ninety years. Identical residencies in Stoke Poges with an extended lease were in the region of £235,200. The mid-range amount of ground rent was £45 billed every twelve months. The lease ran out on 12 April 2092. Considering the 66 years unexpired we estimated the premium to the landlord to extend the lease to be within £12,400 and £14,200 plus legals.

Stoke Poges case:

In 2012 we were contacted by Ms Mia Thompson who, having purchased a basement apartment in Stoke Poges in June 1998. We are asked if we could estimate the price would be for a 90 year extension to my lease. Similar premises in Stoke Poges with 100 year plus lease were valued about £280,000. The average amount of ground rent was £55 invoiced quarterly. The lease finished on 4 April 2103. Taking into account 77 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 not including professional charges.