Why you should commence your Stow on the Wold lease extension

Top reasons for lease extension now:

A Stow on the Wold leasehold property depreciates with the years remaining on the lease.

Stow on the Wold leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. The majority of owners of residential leasehold property in Stow on the Wold enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Stow on the Wold you should check if your lease has between seventy and 90 years remaining. In particular once the remaining lease term slips under eighty years, the premium due on any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value

Stow on the Wold property with a lease extension is almost the same value as a freehold

Leasehold properties in Stow on the Wold with in excess of one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges merit it.

Banks and Building Societies may not grant a mortgage on a short lease

What makes us experts in Stow on the Wold lease extensions?

Lease extensions in Stow on the Wold can be a difficult process. We recommend you secure professional help 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 dealing with Stow on the Wold lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Stow on the Wold Lease Extension Example Cases:

Ellie, Stow on the Wold, Gloucestershire,

Off the back of protracted correspondence with the freeholder of her studio flat in Stow on the Wold, Ellie started the lease extension process as the 80 year deadline was quickly advancing. The legal work was concluded in January 2013. The freeholder’s charges were negotiated to approximately 500 pounds.

Stow on the Wold case:

Last Winter we were called by Mr G Sharif , who purchased a studio flat in Stow on the Wold in September 2000. We are asked if we could estimate the premium could be to extend the lease by 90 years. Identical properties in Stow on the Wold with 100 year plus lease were worth £183,600. The average ground rent payable was £65 invoiced monthly. The lease expiry date was in 2083. Taking into account 57 years unexpired we approximated the premium to the landlord for the lease extension to be within £28,500 and £33,000 exclusive of costs.

Stow on the Wold case:

Dr R Mitchell was assigned a lease of a studio apartment in Stow on the Wold in September 2012. The dilemma was if we could estimate the price would be to extend the lease by ninety years. Comparable flats in Stow on the Wold with a long lease were worth £245,000. The average ground rent payable was £50 invoiced every twelve months. The lease expired on 4 October 2094. Taking into account 68 years unexpired we estimated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 plus professional charges.