Top reasons for Stanmore lease extension

Main reasons to start your Stanmore lease extension today:

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

There is no doubt about it a leasehold flat or house in Stanmore is a wasting asset as a result of the diminishing lease term. If the lease has, in excess of 100 years remaining then this decrease may be fractional nevertheless there will become a stage when a lease has fewer than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main rational as to why you should extend the lease without delay. Many flat owners in Stanmore will qualify for this right; however a conveyancing solicitor should be able to advise whether you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.

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 outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges warrant it.

Mortgage lenders will not loan monies on a short lease

Most banks have narrowed their lending criteria in recent years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against property with shorter lease terms, particularly under seventy years as they are considered to be insufficient security.

Get in touch with one of our Stanmore lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a freeholder in Stanmore,the lease extension experts that we work with will always be prepared 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 Case Studies:

Ibrahim, Stanmore, North West London,

Ibrahim owned a conversion apartment in Stanmore being sold with a lease of a little over 59 years unexpired. Ibrahim on an informal basis contacted his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent to start with set at £200 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Ibrahim to invoke his statutory right. Ibrahim procured expert advice and was able to make a more informed decision and handle with the matter and readily saleable.

Stanmore case:

Last Spring we were contacted by Mr and Mrs. C Roberts , who was assigned a lease of a garden apartment in Stanmore in April 2012. The dilemma was if we could shed any light on how much (approximately) price could be to extend the lease by ninety years. Identical residencies in Stanmore with a long lease were valued about £206,200. The mid-range ground rent payable was £55 collected yearly. The lease came to a finish on 28 November 2082. Having 56 years left we estimated the compensation to the landlord to extend the lease to be between £31,400 and £36,200 plus legals.