Why you should commence your Stanmore lease extension

Top reasons for lease extension now:

Increase your lease and increase your Stanmore property value

The basic rule is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Stanmore may extend the lease for an additional ninety years in accordance with the 1993 Leasehold Reform Act. Do think carefully before delaying your Stanmore lease extension. Postponing the costs now simply increases the premium you will ultimately have to pay for a lease extension.

An extended lease has roughly the same value as a freehold

Leasehold properties in Stanmore with more than one hundred years left 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 premises. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.

Lenders may not grant a mortgage with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to become jittery at around 75 years. This may be problematic when you wish to dispose of or refinance your property as it will be practically unmortgageable. Even though you might have no imminent plan to sell but when you do your purchaser must wait a couple of years before being able to start the legal procedures for a lease extension.

Why use us for your lease extension in Stanmore?

Regardless of whether you are a tenant or a landlord in Stanmore,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 experience and the close ties they enjoy with Stanmore valuers.

Stanmore Lease Extension Case Summaries:

Lucas, Stanmore, North West London

In 2014 Lucas, started to get near to the 80-year threshold with the lease on his leasehold flat in Stanmore. In buying his flat 18 years previously, the lease term was of little relevance. Thankfully, it dawned on him that he would imminently be paying an escalated premium for Extending the lease. Lucas arranged for a lease extension at the eleventh hour in June. Lucas and the landlord who owned the flat above ultimately settled on an amount of £5,500 . If the lease had slid lower than eighty years, the sum would have increased by a minimum £1,125.

Stanmore case:

Dr Gabriel Harris was assigned a lease of a ground floor apartment in Stanmore in June 2010. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Identical homes in Stanmore with an extended lease were in the region of £295,000. The mid-range ground rent payable was £50 billed yearly. The lease finished in 2101. Taking into account 75 years remaining we calculated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 not including costs.