Top reasons for Stony Stratford lease extension

Main reasons to commence your Stony Stratford lease extension today:

Increase your lease and increase your Stony Stratford property value

Chances are that where you own a flat in Stony Stratford you actually own a long leasehold interest over your property

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

It is generally accepted that a residential leasehold with in excess of 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the premises will be worth the same as a freehold for many years in the future.

Lenders may not issue a mortgage with a short lease

Nearly all banks and building societies will not lend on a lease with under seventy years left to run - although this varies between mortgage companies. A purchaser will undoubtedly encounter difficulties to obtain a mortgage and this could result in your Stony Stratford property becoming difficult to sell or remortgage.

Why use us for your lease extension in Stony Stratford?

Using our service will provide you enhanced control over the value of your Stony Stratford leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Stony Stratford Lease Extension Example Cases:

Harrison, Stony Stratford, Buckinghamshire,

Harrison owned a studio apartment in Stony Stratford being sold with a lease of a few days over fifty eight years outstanding. Harrison informally contacted his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent initially set at £100 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Harrison to invoke his statutory right. Harrison procured expert advice and was able to make an informed judgement and handle with the matter and sell the flat.

Stony Stratford case:

Last Winter we were phoned by Mr J David , who purchased a purpose-built apartment in Stony Stratford in October 2003. The dilemma was if we could shed any light on how much (approximately) price would likely be for a ninety year extension to my lease. Comparable residencies in Stony Stratford with 100 year plus lease were in the region of £267,600. The average amount of ground rent was £65 invoiced per annum. The lease ended in 2093. Given that there were 67 years unexpired we approximated the premium to the freeholder to extend the lease to be within £14,300 and £16,400 not including fees.

Stony Stratford case:

In 2010 we were contacted by Ms Katherine Lewis who, having acquired a first floor flat in Stony Stratford in January 2008. We are asked if we could approximate the premium could be for a ninety year lease extension. Identical flats in Stony Stratford with an extended lease were worth £201,200. The mid-range ground rent payable was £55 billed annually. The lease ended on 24 June 2082. Having 56 years unexpired we calculated the premium to the freeholder to extend the lease to be between £31,400 and £36,200 plus legals.