There is no doubt about it a leasehold flat or house in Stow on the Wold is a wasting asset as a result of the shortening lease. If the residual term has, over 125 years to run then this decrease may be negligible nevertheless there will become a point in time when a lease has less than eighty years remaining 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 consider extending sooner rather than later. Many flat owners in Stow on the Wold will meet the qualifying criteria; that being said a conveyancer should be able to advise whether you qualify to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold residencies in Stow on the Wold with more than one hundred years outstanding on the lease are often 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 purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Birmingham Midshires | |
| Chelsea Building Society | |
| National Westminster Bank | |
| Royal Bank of Scotland |
Lease extensions in Stow on the Wold can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and valuer 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 in-depth market knowledge 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.
Last Autumn Isaac, came very close to the 80-year mark with the lease on his basement flat in Stow on the Wold. Having bought his flat two decades ago, the unexpired term was of little relevance. Luckily, he realised he needed to take steps soon on a lease extension. Isaac was able to extend his lease just under the wire in March. Isaac and the landlord in the end settled on an amount of £5,500 . If he failed to meet the deadline, the amount would have gone up by a minimum £900.
In 2013 we were approached by Ms Isabella Howard who, having completed a basement flat in Stow on the Wold in January 1998. The dilemma was if we could shed any light on how much (approximately) price would likely be for a ninety year lease extension. Identical residencies in Stow on the Wold with 100 year plus lease were worth £290,000. The mid-range ground rent payable was £55 billed every twelve months. The lease ran out on 4 September 2106. Given that there were 80 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of costs.
Last Summer we were phoned by Dr H Alexander , who acquired a first floor flat in Stow on the Wold in February 2002. We are asked if we could estimate the price could be to extend the lease by a further 90 years. Similar residencies in Stow on the Wold with an extended lease were in the region of £200,800. The average ground rent payable was £65 collected quarterly. The lease expired in 2086. Considering the 60 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £20,900 and £24,200 plus fees.