Stotfold leases on domestic properties are gradually losing value. Where your lease has in the region of ninety years unexpired, you should start thinking about a lease extension. Eighty years is a significant number: when the remaining term of a lease drops below this level then you start incurring an additional element called marriage value. Flat owners in Stotfold will usually qualify for a lease extension; however a solicitor will check if you qualify. In some situations you may not qualify. There are prescribed timetables and steps to follow once the process is initiated so it’s wise to be guided by a lawyer during the process.
It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Santander |
Lease extensions in Stotfold can be a difficult process. We recommend you secure guidance 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 procuring Stotfold lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Half a year ago Thomas, came very close to the 80-year mark with the lease on his garden flat in Stotfold. Having bought his home twenty years ago, the lease term was of minimal bearing. As luck would have it, it dawned on him that he would soon be paying an inflated amount for a lease extension. Thomas extended the lease at the eleventh hour in April. Thomas and the freeholder eventually settled on sum of £6,000 . If he had missed the deadline, the amount would have increased by a minimum £875.
In 2014 we were contacted by Dr Connor Lambert who, having moved into a newly refurbished apartment in Stotfold in May 1996. The dilemma was if we could estimate the premium could be to extend the lease by an additional years. Comparable homes in Stotfold with 100 year plus lease were in the region of £248,000. The average ground rent payable was £65 billed per annum. The lease concluded in 2089. Taking into account 63 years outstanding we estimated the compensation to the landlord to extend the lease to be within £20,900 and £24,200 not including professional charges.
In 2013 we were contacted by Ms Rosie David who, having was assigned a lease of a ground floor apartment in Stotfold in May 2001. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparative flats in Stotfold with 100 year plus lease were in the region of £181,600. The mid-range ground rent payable was £55 collected quarterly. The lease elapsed on 19 April 2078. Given that there were 52 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £30,400 and £35,200 plus professional charges.