Top reasons for Stowmarket lease extension

Why you should start your Stowmarket lease extension today:

Increase your lease and increase your Stowmarket property value

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

An extended lease is almost the same value as a freehold

Leasehold premises in Stowmarket with more than 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges justify it.

Mortgage lenders may not issue a mortgage with a short lease

Lenders are really clamping down as regards to properties in Stowmarket with short leases. For instance you might discover that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so where you needed to sell, your remaining options would be to find a cash buyer, or try your luck at auction thus restricting your market.

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

Engaging our service gives you better control over the value of your Stowmarket leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Stowmarket Lease Extension Case Studies:

Jack, Stowmarket, Suffolk,

Jack was the the leasehold proprietor of a conversion apartment in Stowmarket on the market with a lease of a few days over 72 years unexpired. Jack informally spoke with his freeholder a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £100 yearly. Ordinarily, ground rent would not be due on a lease extension were Jack to exercise his statutory right. Jack obtained expert advice and secured satisfactory resolution without going to tribunal and readily saleable.

Stowmarket case:

Last November we were e-mailed by Mr and Mrs. I Hernández , who bought a garden flat in Stowmarket in November 1999. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be to prolong the lease by ninety years. Comparable residencies in Stowmarket with a long lease were in the region of £267,600. The mid-range amount of ground rent was £65 collected monthly. The lease terminated on 9 September 2093. Having 67 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £14,300 and £16,400 plus fees.

Stowmarket case:

In 2010 we were contacted by Mr and Mrs. W Adams who, having was assigned a lease of a recently refurbished flat in Stowmarket in September 2000. We are asked if we could shed any light on how much (roughly) price would be to extend the lease by ninety years. Identical homes in Stowmarket with a long lease were valued around £201,200. The mid-range amount of ground rent was £55 collected every twelve months. The lease expired on 19 August 2082. Taking into account 56 years remaining we estimated the compensation to the landlord for the lease extension to be within £31,400 and £36,200 exclusive of fees.