Why you should start your Stanmore lease extension

Main reasons to start your Stanmore lease extension today:

Increase your lease and increase your Stanmore property value

The re-sale value of a leasehold property in Stanmore depends on how many years the lease has left to run. If it is near to or less than eighty years you should foresee problems on re-sale, so it is advisable to arrange for a lease extension ahead of buying. It is preferable to start the lease extension process when the lease still has 82 years unexpired so that formalities can be concluded in advance of the eighty year cut off point. Statute enables Stanmore qualifying lessees to a ninety year extension added to their remaining lease term (ie if your lease has 50 years left the statutory lease extension will provide a new term of 140 years). The purpose of the valuation is to determine the sum payable by the lessee to the freeholder for the purchase of the lease extension.

Stanmore property with a lease extension has roughly the same value as a freehold

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

Banks and Building Societies may decide not to issue a mortgage with a short lease

The definition of a short lease depends on the specific mortgage company, yet mortgage lenders start to become nervous at around 75 years. This will be problematic when you wish to market or remortgage your property as it will be effectively unmortgageable. You may not have an immediate plan to sell but when you do your purchaser will need to hold off for a couple of years before they can initiate the legal procedures for a lease extension.

What makes us experts in Stanmore lease extensions?

Lease extensions in Stanmore can be a difficult process. We recommend you get guidance from a lawyer and surveyor 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 a wealth of experience procuring Stanmore lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Stanmore Lease Extension Case Studies:

Samuel, Stanmore, North West London

Two years ago Samuel, started to get close to the 80-year threshold with the lease on his one bedroom apartment in Stanmore. Having purchased his home twenty years ago, the unexpired term was of no significance. Luckily, he noticed he would soon be paying an escalated premium for Extending the lease. Samuel arranged for a lease extension just under the wire in August. Samuel and the landlord who owned the flat above in the end agreed on an amount of £6,000 . If the lease had slid below 80 years, the sum would have gone up by at least £1,100.

Stanmore case:

Mr and Mrs. M Pérez took over the lease of a ground floor flat in Stanmore in September 1998. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by an additional years. Identical flats in Stanmore with a long lease were worth £267,600. The mid-range amount of ground rent was £65 invoiced monthly. The lease expired on 19 November 2093. Having 67 years left we calculated the premium to the landlord for the lease extension to be between £14,300 and £16,400 not including expenses.