Sandbanks Lease Extension - Free Consultation

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Top reasons for Sandbanks lease extension


Top reasons for lease extension now:

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

Sandbanks leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. Most owners of residential leasehold property in Sandbanks enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Sandbanks you must see if your lease has between seventy and 90 years remaining. There are good reasons why a Sandbanks flat owner with a lease having around 80 years remaining should take steps to make sure that a lease extension is put in place without delay

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

Leasehold properties in Sandbanks with in excess of 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and estate charges justify it.

Lending institutions may not issue a mortgage on a short lease

Mortgage lenders are less likely to give a loan offer on a residential flat in Sandbanks with a short lease. Some lenders simply refuse to lend on leases with below 75 years left.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Halifax Minimum 70 years from the date of the mortgage.
Santander You must report the unexpired lease term to us and await our instructions if:
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided
However, we will not accept a lease where on expiry of the mortgage:
(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or
(ii) less than 30 years remain and the loan is repaid on a capital and interest basis

We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary

Why use us for your lease extension in Sandbanks?

Lease extensions in Sandbanks can be a difficult process. We recommend you get guidance from a conveyancer and surveyor well versed in the legislation and lease extension process.

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 procuring Sandbanks lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Sandbanks Lease Extension Example Cases:

Morgan, Sandbanks, Dorset,

Off the back of unsuccessful negotiations with the landlord of her purpose-built flat in Sandbanks, Morgan started the lease extension process as the eighty year threshold was fast advancing. The lease extension completed in October 2010. The freeholder’s charges were restricted to a tad over 700 pounds.

Sandbanks case:

Last Autumn we were phoned by Ms P Roux , who purchased a basement flat in Sandbanks in May 2008. The question was if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparable flats in Sandbanks with a long lease were in the region of £265,000. The average amount of ground rent was £50 invoiced yearly. The lease lapsed on 19 April 2098. Taking into account 74 years remaining we calculated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 not including professional charges.

Sandbanks case:

In 2011 we were called by Dr F Smith who, having bought a one bedroom apartment in Sandbanks in November 1998. The question was if we could estimate the compensation to the landlord would be for a 90 year lease extension. Comparative homes in Sandbanks with 100 year plus lease were valued around £166,400. The mid-range amount of ground rent was £60 invoiced yearly. The lease lapsed on 3 August 2078. Having 54 years outstanding we estimated the premium to the freeholder for the lease extension to be within £32,300 and £37,400 not including fees.