Top reasons for Stretton lease extension

Main reasons to start your Stretton lease extension today:

A Stretton lease depreciates with the years remaining on the lease.

On the balance of probabilities where you own a flat in Stretton you actually own a long leasehold interest over your property

Stretton property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 45 years unexpired, the residence will be equivalent in value to a freehold for decades to come.

Lending institutions may decide not to loan monies on a short lease

Lenders do not like short residential leases. You are likely to encounter difficulties if you wish to sell your flat in Stretton if the unexpired term of your lease is less than the criteria set by most banks and building societies. Different lenders have varying criteria but generally theyrequire an unexpired term of at least 65 years.

Why use us for your lease extension in Stretton?

Lease extensions in Stretton can be a difficult process. We recommend you obtain guidance from a conveyancer and surveyor with experience in this area.

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

Stretton Lease Extension Example Cases:

Megan, Stretton, Staffordshire,

Trailing lengthy correspondence with the landlord of her one bedroom apartment in Stretton, Megan started the lease extension process as the eighty year threshold was quickly advancing. The lease extension was finalised in July 2013. The landlord’s charges were kept to an absolute minimum.

Stretton case:

Last Christmas we were phoned by Dr Aarav Ricardo , who completed a first floor apartment in Stretton in September 2008. We are asked if we could approximate the price could be to prolong the lease by an additional years. Comparable properties in Stretton with an extended lease were in the region of £245,000. The mid-range amount of ground rent was £50 invoiced quarterly. The lease lapsed in 2094. Given that there were 68 years remaining we approximated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 plus legals.

Stretton case:

In 2012 we were e-mailed by Ms O Pérez who, having owned a one bedroom flat in Stretton in January 2010. The dilemma was if we could approximate the compensation to the landlord could be for a 90 year lease extension. Similar homes in Stretton with a long lease were in the region of £285,000. The mid-range amount of ground rent was £55 collected monthly. The lease came to a finish on 23 March 2105. Considering the 79 years unexpired we calculated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 plus costs.