Why you should start your Stotfold lease extension

Main reasons to commence your Stotfold lease extension today:

Increase your lease and increase your Stotfold property value

The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Stotfold have the legal entitlement to extend the lease for a further 90 years under Leasehold Reform legislation. Do give careful consideration before delaying your Stotfold lease extension. Shelving the costs now simply increases the premium you will eventually be required to pay to extend the lease.

Stotfold 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 one hundred years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years left, the residence will be worth the same as a freehold for many years in the future.

Lenders will not lend with a short lease

Lenders are really restricting their approach as regards to properties in Stotfold with short leases. For instance you may find that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so if you wanted to sell, your remaining options would be to find a cash buyer, or try your luck at auction thus limiting the number of prospective purchasers.

What makes us experts in Stotfold lease extensions?

Lease extensions in Stotfold can be a difficult process. We recommend you get professional help from a lawyer and valuer 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 a wealth of experience dealing with Stotfold lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Stotfold Lease Extension Example Cases:

Alexander, Stotfold, Bedfordshire,

Alexander was the the leasehold owner of a 2 bedroom flat in Stotfold on the market with a lease of fraction over 61 years left. Alexander informally approached his landlord being a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent initially set at £200 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Alexander to invoke his statutory right. Alexander obtained expert advice and secured satisfactory deal informally and readily saleable.

Stotfold case:

In 2009 we were approached by Mr and Mrs. P Robinson who, having purchased a purpose-built apartment in Stotfold in May 2004. The question was if we could shed any light on how much (roughly) price could be to prolong the lease by an additional years. Comparative properties in Stotfold with 100 year plus lease were valued around £300,000. The average ground rent payable was £50 billed per annum. The lease finished on 13 March 2101. Given that there were 75 years as a residual term we approximated the premium to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of fees.

Stotfold case:

Last month we were phoned by Dr D Dupont , who moved into a one bedroom flat in Stotfold in June 1999. We are asked if we could approximate the premium could be to prolong the lease by a further 90 years. Comparable flats in Stotfold with an extended lease were in the region of £250,400. The mid-range amount of ground rent was £65 invoiced yearly. The lease ran out in 2090. Considering the 64 years outstanding we calculated the premium to the landlord to extend the lease to be within £19,000 and £22,000 plus professional charges.