Stokenchurch leases on residential deteriorating in value. if your lease has approximately ninety years unexpired, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease falls below this level then you begin paying an additional element called marriage value. Leasehold owners in Stokenchurch will usually qualify for a lease extension; however a solicitor will check if you qualify. In some cases you may not qualify. There are prescribed deadlines and formalities to comply with once the process has started so it’s sensible to be guided by a conveyancer during the process.
Leasehold properties in Stokenchurch with in excess of 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Chelsea Building Society | |
| Godiva Mortgages | |
| National Westminster Bank | |
| Nationwide Building Society |
Lease extensions in Stokenchurch can be a difficult process. We recommend you procure professional help from a lawyer and valuer with experience in this area.
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 Stokenchurch lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Joshua owned a conversion apartment in Stokenchurch being marketed with a lease of fraction over 61 years outstanding. Joshua informally spoke with his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £125 yearly. No ground rent would be due on a lease extension were Joshua to invoke his statutory right. Joshua obtained expert legal guidance and secured satisfactory deal informally and sell the flat.
Mr and Mrs. T González purchased a one bedroom apartment in Stokenchurch in May 1999. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year lease extension. Identical flats in Stokenchurch with an extended lease were worth £265,200. The mid-range amount of ground rent was £65 collected quarterly. The lease came to a finish in 2092. Given that there were 66 years outstanding we estimated the premium to the landlord to extend the lease to be within £15,200 and £17,600 exclusive of expenses.
Last November we were e-mailed by Mr and Mrs. D Young , who completed a one bedroom flat in Stokenchurch in February 1998. We are asked if we could estimate the price could be to extend the lease by ninety years. Similar flats in Stokenchurch with a long lease were worth £198,800. The average ground rent payable was £55 collected monthly. The lease ran out in 2081. Considering the 55 years unexpired we calculated the premium to the freeholder for the lease extension to be between £33,300 and £38,400 exclusive of legals.