Why you should commence your Stanmore lease extension

Why you should commence your Stanmore lease extension today:

Increase your lease and increase your Stanmore property value

The market value of Stanmore 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 materialy once the unexpired lease term is below than 80 years

An extended lease is almost the same value as a freehold

Leasehold premises in Stanmore with over 100 years unexpired on the lease are sometimes 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 upside in buying the freehold unless savings on ground rent and service charges merit it.

Lenders may decide not to lend with a short lease

Banks and building societies do not lend on short residential leases. You are likely to experience problems if you want to sell your flat in Stanmore if the unexpired lease term is below the criteria set by most lenders. Different mortgage companies have different criteria but generally they are looking for an unexpired term of at least seventy years.

Why use us for your lease extension in Stanmore?

The conveyancers that we work with procure Stanmore 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 lawyer we work with provide it.

Stanmore Lease Extension Case Summaries:

Katie, Stanmore, North West London,

After protracted negotiations with the landlord of her basement apartment in Stanmore, Katie initiated the lease extension process as the 80 year threshold was rapidly advancing. The lease extension completed in February 2005. The landlord’s charges were negotiated to about 650 GBP.

Stanmore case:

Mr and Mrs. I Rivera bought a studio apartment in Stanmore in June 1995. The question was if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year extension to my lease. Similar flats in Stanmore with a long lease were valued around £205,000. The mid-range amount of ground rent was £50 billed yearly. The lease finished in 2105. Considering the 79 years outstanding we approximated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of fees.