Top reasons for Stone lease extension

Why you should commence your Stone lease extension today:

A Stone leasehold property depreciates with the years remaining on the lease.

Chances are that if you own a flat in Stone you actually own a long leasehold interest over your property

Stone property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Stone with over one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it.

Lenders will not lend on a short lease

Nearly all mortgage companies will not grant a mortgage on a lease with less than 70 years remaining - although this varies from lender to lender. A buyer will undoubtedly find it difficult in obtaining a mortgage and this will result in your Stone property being difficult to sell or remortgage.

Why use us for your lease extension in Stone?

Using our service will provide you better control over the value of your Stone leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Stone Lease Extension Case Summaries:

Joshua, Stone, Staffordshire

In 2014 Joshua, started to get near to the 80-year threshold with the lease on his first floor flat in Stone. In buying his flat two decades ago, the length of the lease was of little concern. Luckily, he recognised he needed to take action soon on a lease extension. Joshua was able to extend his lease just under the wire last September. Joshua and the freeholder via the management company subsequently settled on the final figure of £6,000 . If he not met the deadline, the figure would have escalated by at least £1,025.

Stone case:

In 2011 we were called by Mr and Mrs. Y Wright who, having acquired a garden apartment in Stone in February 1997. The question was if we could estimate the compensation to the landlord would likely be to prolong the lease by 90 years. Comparable premises in Stone with a long lease were worth £242,600. The average ground rent payable was £45 collected per annum. The lease expired on 22 February 2093. Having 67 years remaining we approximated the compensation to the landlord to extend the lease to be between £11,400 and £13,200 exclusive of fees.

Stone case:

In 2014 we were e-mailed by Mrs Nicole Norbert who, having acquired a one bedroom apartment in Stone in March 2006. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year extension to my lease. Comparable flats in Stone with an extended lease were valued about £280,000. The average ground rent payable was £55 invoiced every twelve months. The lease elapsed in 2104. Having 78 years as a residual term we estimated the premium to the landlord for the lease extension to be within £13,300 and £15,400 not including professional charges.