Stop! Your Lease Extension in Stanmore Could Be FREE

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Many leaseholders in Stanmore are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Stanmore has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should commence your Stanmore lease extension

Why you should commence your Stanmore lease extension today:

A Stanmore leasehold property depreciates with the years remaining on the lease.

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

An extended lease has roughly the same value as a freehold

Leasehold residencies in Stanmore with more than one hundred years outstanding 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 upside in buying the freehold unless savings on ground rent and estate charges warrant it.

Lending institutions may not lend on a short lease

Most mortgage lenders have constrained their lending criteria in recent years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against flats with shorter lease terms, particularly under seventy years as they are considered to be deficient security.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Halifax Minimum 70 years from the date of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Why use us for your lease extension in Stanmore?

Regardless of whether you are a tenant or a freeholder in Stanmore,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Stanmore valuers.

Stanmore Lease Extension Example Cases:

Seth, Stanmore, North West London,

Seth was the the leasehold proprietor of a studio flat in Stanmore being sold with a lease of just over sixty years unexpired. Seth on an informal basis approached his freeholder being a well known Bristol-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £150 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Seth to exercise his statutory right. Seth obtained expert advice and was able to make a more informed decision and deal with the matter and ending up with a market value flat.

Stanmore case:

Ms S Peterson moved into a studio apartment in Stanmore in July 2008. We are asked if we could approximate the premium would likely be for a 90 year lease extension. Comparable premises in Stanmore with a long lease were in the region of £223,400. The mid-range amount of ground rent was £60 invoiced every twelve months. The lease elapsed on 15 October 2085. Given that there were 59 years left we approximated the compensation to the landlord for the lease extension to be between £27,600 and £31,800 not including professional charges.

Decision in Brent

An example of a Lease Extension matter before the tribunal for a Stanmore flat is 27B Hillside in February 2010. the resulting premium, all other aspects of the valuation having been agreed between the parties was set at £8,250 This case related to 1 flat. The unexpired residue of the current lease was 70.25 years.