Top reasons for Stroud lease extension

Top reasons for lease extension now:

Increase your lease and increase your Stroud property value

Stroud leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. The majority of owners of residential leasehold property in Stroud enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Stroud you really ought to investigate if your lease has between seventy and ninety years left. In particular once the remaining lease term slips under 80 years, the cost of any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term 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 many years ahead.

Lending institutions may not loan monies with a short lease

Lenders do not lend on short residential leases. You most probably encounter problems if you need to sell your flat in Stroud if the unexpired lease term is below the criteria set by the majority of banks and building societies. Different mortgage companies have different criteria but on the whole theyrequire an unexpired term of at least seventy years.

What makes us experts in Stroud lease extensions?

Lease extensions in Stroud can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and valuer with experience in lease extensions.

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 in-depth market knowledge dealing with Stroud lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Stroud Lease Extension Case Summaries:

Matthew, Stroud, Gloucestershire

In recent months Matthew, came dangerously close to the 80-year threshold with the lease on his studio flat in Stroud. Having bought his home two decades ago, the lease term was of no significance. Thankfully, he became aware that he needed to take steps soon on a lease extension. Matthew extended the lease at the eleventh hour in June. Matthew and the landlord who owned the flat above eventually agreed on an amount of £5,000 . If the lease had slipped lower than 80 years, the amount would have increased by a minimum £1,025.

Stroud case:

Last Summer we were phoned by Dr F González , who acquired a purpose-built flat in Stroud in November 2001. We are asked if we could estimate the compensation to the landlord would be for a ninety year extension to my lease. Similar flats in Stroud with 100 year plus lease were valued about £260,000. The mid-range ground rent payable was £50 billed per annum. The lease expired on 24 June 2097. Given that there were 71 years remaining we calculated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus expenses.

Stroud case:

Last Spring we were e-mailed by Mrs Sophie Taylor , who owned a purpose-built flat in Stroud in August 2011. The question was if we could approximate the premium would be for a ninety year lease extension. Comparative properties in Stroud with a long lease were valued around £254,200. The average ground rent payable was £60 collected quarterly. The lease ended on 3 August 2077. Having 51 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £43,700 and £50,600 plus professional charges.