Top reasons for Stony Stratford lease extension

Top reasons for lease extension now:

Increase your lease and increase your Stony Stratford property value

Stony Stratford residential property held on a long lease is a wasting asset because a leaseholder merely owns the property for a period of years.

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with more than 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Lenders may decide not to lend on a short lease

Lending institutions have specific criteria when lending funds secured on leasehold homes. Some will simply refuse lend at all once an unexpired lease term drops under a certain unexpired lease term. Many Mortgage lenders will not regard property with a remaining below seventy years as acceptable security. As well as impacting your ability to sell, it is also relevant where you are intending to refinance your Stony Stratford property.

What makes us experts in Stony Stratford lease extensions?

Lease extensions in Stony Stratford can be a difficult process. We recommend you get guidance from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.

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 Stony Stratford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Stony Stratford Lease Extension Example Cases:

Riley, Stony Stratford, Buckinghamshire

Half a year ago Riley, started to get near to the eighty-year threshold with the lease on his one bedroom apartment in Stony Stratford. Having purchased his home two decades ago, the unexpired term was of minimal significance. As luck would have it, he recognised he needed to take steps soon on Extending the lease. Riley was able to extend his lease at the eleventh hour last May. Riley and the freeholder subsequently agreed on a premium of £5,000 . If the lease had slid to less than 80 years, the price would have increased by at least £975.

Stony Stratford case:

In 2012 we were e-mailed by Dr Y Roberts who, having was assigned a lease of a garden apartment in Stony Stratford in November 2007. We are asked if we could shed any light on how much (roughly) price would likely be to prolong the lease by a further 90 years. Identical homes in Stony Stratford with 100 year plus lease were worth £243,000. The average ground rent payable was £65 billed quarterly. The lease expired on 8 February 2089. Taking into account 63 years outstanding we calculated the premium to the landlord to extend the lease to be between £20,000 and £23,000 plus expenses.

Stony Stratford case:

Last year we were approach by Ms Bethan Roberts , who purchased a newly refurbished apartment in Stony Stratford in September 2002. 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 premises in Stony Stratford with an extended lease were worth £181,600. The mid-range ground rent payable was £55 invoiced per annum. The lease ended in 2078. Having 52 years unexpired we calculated the premium to the landlord for the lease extension to be within £30,400 and £35,200 plus costs.