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Main reasons to start your Stratford Upon Avon lease extension

Why you should start your Stratford Upon Avon lease extension today:

A Stratford Upon Avon lease depreciates with the years remaining on the lease.

The market value of Stratford Upon Avon leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate significantly once the unexpired lease term is below than 80 years

An extended lease is almost the same value as a freehold

It is generally considered that a property with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Lenders will not loan monies with a short lease

The definition of a short lease varies by mortgage company, yet mortgage lenders start to get jittery at around 75 years. This will cause difficulties when you wish to dispose of or refinance your property as it will be effectively unmortgageable. Even though you may have no imminent desire to sell but when you do your purchaser must hold off for 2 years before they can exercise the right to a a lease extension.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.

What makes us experts in Stratford Upon Avon lease extensions?

Irrespective of whether you are a tenant or a freeholder in Stratford Upon Avon,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Stratford Upon Avon valuers.

Stratford Upon Avon Lease Extension Example Cases:

Chantelle, Stratford Upon Avon, Warwickshire,

Off the back of lengthy discussions with the landlord of her studio flat in Stratford Upon Avon, Chantelle started the lease extension process as the 80 year threshold was quickly advancing. The lease extension completed in August 2009. The freeholder’s costs were kept to an absolute minimum.

Stratford Upon Avon case:

In 2012 we were contacted by Mr and Mrs. R Nelson who, having was assigned a lease of a first floor apartment in Stratford Upon Avon in November 2000. We are asked if we could approximate the price could be for a ninety year lease extension. Comparable residencies in Stratford Upon Avon with a long lease were in the region of £295,000. The mid-range amount of ground rent was £45 collected quarterly. The lease lapsed in 2100. Considering the 75 years remaining we approximated the premium to the landlord for the lease extension to be between £8,600 and £9,800 not including expenses.

Stratford Upon Avon case:

Mr and Mrs. E Miller owned a first floor apartment in Stratford Upon Avon in April 2008. The dilemma was if we could approximate the price could be for a 90 year extension to my lease. Comparative homes in Stratford Upon Avon with an extended lease were valued about £250,400. The average ground rent payable was £65 billed yearly. The lease ran out on 24 November 2089. Given that there were 64 years outstanding we approximated the premium to the freeholder to extend the lease to be within £19,000 and £22,000 plus professional charges.