Why you should start your Stanmore lease extension

Top reasons for lease extension now:

Increase your lease and increase your Stanmore property value

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will normally be granted for a fixed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Stanmore. Clearly, the period of lease left shortens over time. This may slip by relatively unnoticed when the property has to be disposed of or re-mortgaged. The shorter the lease the lower the value of the property and the more expensive it will be to obtain a lease extension. Eligible long lease owners in Stanmore have the right to extend the lease for a further ninety years under statute. Please give due deliberation before delaying your Stanmore lease extension. Holding off the cost now likely increases the price you will eventually incur for a lease extension

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

Leasehold premises in Stanmore with in excess of 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges warrant it.

Lending institutions will not issue a mortgage on a short lease

Lenders are really restricting their approach as regards to properties in Stanmore with short leases. For example you may find that their lending requirements are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you wanted to sell, your only options would be to find a cash buyer, or try your luck at auction thus limiting your market.

Why use us for your lease extension in Stanmore?

Retaining our service gives you increased control over the value of your Stanmore leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Stanmore Lease Extension Example Cases:

Madeleine, Stanmore, North West London,

In the wake of 6 months of lengthy correspondence with the freeholder of her garden apartment in Stanmore, Madeleine initiated the lease extension process as the eighty year threshold was rapidly approaching. The lease extension was finalised in January 2014. The freeholder’s charges were kept to an absolute minimum.

Stanmore case:

Mr Alex Rose owned a basement flat in Stanmore in June 2012. The dilemma was if we could estimate the price would be to extend the lease by an additional years. Comparable premises in Stanmore with a long lease were in the region of £285,000. The average ground rent payable was £45 billed every twelve months. The lease came to a finish in 2097. Having 71 years outstanding we estimated the premium to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of professional charges.