Why you should start your Sipson lease extension

Main reasons to commence your Sipson lease extension today:

A Sipson lease depreciates with the years remaining on the lease.

Owning a apartment usually means owning a lease of the property, which has a finite term of years. This 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 Sipson. Clearly, the term of lease remaining shortens over time. This is often ignored and only becomes a problem when the flat or house has to be disposed of or refinanced. The shorter the lease the less it is worth and the more expensive it will be to extend the lease. Qualifying leaseholders in Sipson have the right to extend the lease for a further ninety years in accordance with legislation. Do give careful consideration before delaying your Sipson lease extension. Holding off the cost now only increases the price you will ultimately have to pay to extend your lease

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Lending institutions may decide not to lend with a short lease

Most banks and building societies will be unwilling to lend on a lease with under seventy years left to run - although this varies between mortgage companies. A purchaser will no doubt encounter difficulties in obtaining a mortgage and this could result in your Sipson property becoming difficult to dispose of or to obtain finance on.

Get in touch with one of our Sipson lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a freeholder in Sipson,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Sipson valuers.

Sipson Lease Extension Case Summaries:

John, Sipson, West London

In 2014 John, came very near to the eighty-year mark with the lease on his garden apartment in Sipson. Having bought his home 19 years ago, the unexpired term was of little significance. Luckily, it dawned on him that he would imminently be paying an inflated amount for a lease extension. John extended the lease at the eleventh hour in August. John and the freeholder via the managing agents eventually agreed on a premium of £5,000 . If the lease had slid to less than eighty years, the amount would have escalated by a minimum £950.

Sipson case:

Last Summer we were called by Mr Nathan González , who bought a studio apartment in Sipson in February 2008. The question was if we could shed any light on how much (approximately) premium would be for a 90 year extension to my lease. Identical flats in Sipson with an extended lease were valued around £183,600. The average ground rent payable was £65 invoiced monthly. The lease ended on 14 June 2083. Considering the 57 years remaining we approximated the premium to the landlord to extend the lease to be within £28,500 and £33,000 not including expenses.