Top reasons for Stroud lease extension

Main reasons to commence your Stroud lease extension today:

Increase your lease and increase your Stroud property value

Chances are that if you own a flat in Stroud you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold premises in Stroud with in excess of one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit it.

Mortgage lenders may not loan monies on a short lease

Many banks and building societies will be unwilling to grant a mortgage on a lease with less than 70 years remaining - although this varies between mortgage companies. A purchaser will likely encounter difficulties to obtain a mortgage and this could result in your Stroud property being difficult to dispose of or to obtain finance on.

What makes us experts in Stroud lease extensions?

The conveyancing solicitors that we work with handle Stroud lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Stroud Lease Extension Example Cases:

Tia, Stroud, Gloucestershire,

Trailing unsuccessful discussions with the freeholder of her purpose-built apartment in Stroud, Tia commenced the lease extension process just as her lease was approaching the crucial eighty-year deadline. The lease extension was finalised in April 2015. The landlord’s costs were restricted to under 600 GBP.

Stroud case:

Last Summer we were called by Dr Jackson Lefebvre , who acquired a ground floor flat in Stroud in November 2010. We are asked if we could estimate the premium could be for a ninety year lease extension. Comparable residencies in Stroud with an extended lease were worth £242,600. The average ground rent payable was £45 collected every twelve months. The lease terminated on 4 January 2093. Having 67 years unexpired we estimated the compensation to the landlord to extend the lease to be within £11,400 and £13,200 not including professional charges.

Stroud case:

Last August we were called by Dr Logan Young , who was assigned a lease of a studio flat in Stroud in June 2006. We are asked if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Comparative residencies in Stroud with a long lease were worth £280,000. The average amount of ground rent was £55 invoiced monthly. The lease expiry date was on 26 May 2104. Given that there were 78 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 exclusive of fees.