Why you should commence your Stratford lease extension

Main reasons to start your Stratford lease extension today:

Increase your lease and increase your Stratford property value

It’s a harsh certainty that a Stratford residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the early years due to the loss of value being disguised by increases in the Stratford property market.Once your lease nears 85ish years, you need to start considering a lease extension. If lease term slips under 80 years, you will end up paying half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add the property Most flat owners in Stratford will be able to extend under the legislation; however a conveyancing solicitor will be able to confirm if you qualify for an extension. In some cases you may not be entitled. There are also strict timetables and procedures to follow once the process has commenced and you will need to be guided by your lawyer throughout the formalities.

Stratford property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

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

Nearly all mortgage companies insist on a lengthy amount of time left on any leasehold property before they will consider it as adequate security. Regardless of whether you require a mortgage, you should be conscious that it is likely that someone intending to acquire your property in the future might well do, so in the event that they can't obtain a mortgage, then the financial worth of your property will likely be adversely impacted. Since 2008 the majority of mortgage lenders have increased the required minimum lease length that they are prepared to accept

Why use us for your lease extension in Stratford?

Regardless of whether you are a tenant or a freeholder in Stratford,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Stratford valuers.

Stratford Lease Extension Case Studies:

Sophia, Stratford, London,

In the wake of 9 months of unsuccessful negotiations with the landlord of her garden flat in Stratford, Sophia initiated the lease extension process as the 80 year threshold was rapidly nearing. The lease extension completed in May 2011. The landlord’s costs were kept to an absolute minimum.

Stratford case:

In 2010 we were approached by Mr and Mrs. R Adams who, having moved into a one bedroom apartment in Stratford in May 2008. The question was if we could approximate the premium could be to prolong the lease by a further 90 years. Similar homes in Stratford with 100 year plus lease were in the region of £166,400. The average ground rent payable was £60 billed monthly. The lease end date was on 19 July 2080. Taking into account 54 years unexpired we calculated the premium to the landlord to extend the lease to be within £32,300 and £37,400 plus professional charges.