Stop! Your Lease Extension in Stone Could Be FREE

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Many leaseholders in Stone are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Stone has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Top reasons for Stone lease extension

Main reasons to start your Stone lease extension today:

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

On the balance of probabilities if you own a flat in Stone you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the property will be equivalent in value to a freehold for many years in the future.

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

Almost all mortgage lenders require a lengthy amount of time remaining on a leasehold residence before they will consider it as adequate security. Even if you don't require a mortgage, you should bear in mind that it is likely that someone wanting to purchase your property in the future might well do, so if they can't obtain a mortgage, then the financial worth of your property could suffer. In the last decade many mortgage lenders have increased the required minimum lease length that they are willing to lend on

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

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

Irrespective of whether you are a tenant or a landlord in Stone,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Stone valuers.

Stone Lease Extension Example Cases:

Paige, Stone, Staffordshire,

After protracted discussions with the landlord of her first floor flat in Stone, Paige commenced the lease extension process as the 80 year mark was fast nearing. The legal work was concluded in February 2008. The freeholder’s costs were restricted to under 550 GBP.

Stone case:

Last Winter we were e-mailed by Mr Toby Cooper , who purchased a first floor apartment in Stone in April 2000. The dilemma was if we could approximate the compensation to the landlord could be to extend the lease by ninety years. Comparative homes in Stone with a long lease were valued around £265,000. The mid-range ground rent payable was £55 collected per annum. The lease elapsed on 16 August 2100. Having 74 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 not including fees.

Stone case:

In 2010 we were contacted by Mr and Mrs. I White who, having owned a newly refurbished apartment in Stone in August 2010. The dilemma was if we could approximate the price could be for a ninety year extension to my lease. Identical flats in Stone with 100 year plus lease were in the region of £166,400. The average ground rent payable was £60 billed quarterly. The lease terminated on 21 July 2080. Taking into account 54 years left we estimated the premium to the freeholder for the lease extension to be between £32,300 and £37,400 exclusive of costs.