Why you should start your Stoke Sub Hamdon lease extension

Why you should start your Stoke Sub Hamdon lease extension today:

Increase your lease and increase your Stoke Sub Hamdon property value

It’s an underpublicised certainty that a Stoke Sub Hamdon residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is not fully appreciated in the early years due to the loss of value being disguised by increases in the Stoke Sub Hamdon property market.Once your lease nears 85ish years, you should start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls under eighty years - otherwise a higher amount will be payable. Most leasehold owners in Stoke Sub Hamdon will be able to extend under the legislation; however a conveyancing solicitor should be able to clarify whether you are eligibility. In some cases you may not be entitled. There are also strict timeframes and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancer for the duration of the formalities.

Stoke Sub Hamdon property with a lease extension has roughly the same value as a freehold

Leasehold properties in Stoke Sub Hamdon with more than 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 home. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges merit it.

Lending institutions may decide not to issue a mortgage with a short lease

Mortgage companies are inclined not lend on short residential leases. You are likely to encounter problems where you wish to sell your flat in Stoke Sub Hamdon if the remaining term of your lease is less than the criteria set by most lenders. Different mortgage companies have varying requirements but generally theyrequire a minimum remaining lease term of 65 years.

Why use us for your lease extension in Stoke Sub Hamdon?

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

Stoke Sub Hamdon Lease Extension Example Cases:

Alexandra, Stoke Sub Hamdon, Somerset,

Trailing protracted discussions with the freeholder of her studio flat in Stoke Sub Hamdon, Alexandra commenced the lease extension process as the eighty year mark was rapidly coming. The transaction was concluded in September 2006. The freeholder’s charges were kept to an absolute minimum.

Stoke Sub Hamdon case:

Mr T García moved into a garden apartment in Stoke Sub Hamdon in March 2002. We are asked if we could estimate the compensation to the landlord could be to extend the lease by a further 90 years. Identical properties in Stoke Sub Hamdon with an extended lease were valued around £300,000. The mid-range ground rent payable was £50 invoiced quarterly. The lease lapsed on 4 July 2102. Taking into account 76 years remaining we calculated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 not including costs.

Stoke Sub Hamdon case:

In 2012 we were approached by Mr and Mrs. B Patel who, having owned a purpose-built apartment in Stoke Sub Hamdon in September 2002. The dilemma was if we could approximate the compensation to the landlord could be for a 90 year lease extension. Similar properties in Stoke Sub Hamdon with 100 year plus lease were valued around £257,800. The mid-range ground rent payable was £65 billed quarterly. The lease expired in 2091. Given that there were 65 years left we estimated the compensation to the freeholder for the lease extension to be between £18,100 and £20,800 exclusive of fees.