Main reasons to commence your Sudbury lease extension

Why you should start your Sudbury lease extension today:

Increase your lease and increase your Sudbury property value

The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Sudbury have the right to extend the lease for an additional 90 years under legislation. Do give careful consideration before delaying your Sudbury lease extension. Postponing that expense today simply escalates the premium you will eventually have to pay to extend the lease.

Sudbury 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 unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the premises will be worth the same as a freehold for decades to come.

Lenders may decide not to finance a property on a short lease

Banks and building societies do not like short residential leases. You are likely to encounter problems if you want to sell your flat in Sudbury if the remaining term of your lease is less than the criteria set by most banks and building societies. Different mortgage companies have different criteria but on the whole they are looking for a minimum remaining lease term of 65 years.

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

Lease extensions in Sudbury can be a difficult process. We recommend you get guidance from a conveyancer and valuer 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 Sudbury lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Sudbury Lease Extension Example Cases:

Charlie, Sudbury, Suffolk

During the course of the last few months Charlie, came critically near to the eighty-year threshold with the lease on his first floor flat in Sudbury. In buying his flat twenty years previously, the unexpired term was of no significance. by good luck, it dawned on him that he would imminently be paying an inflated amount for Extending the lease. Charlie extended the lease just in the nick of time last August. Charlie and the landlord eventually settled on the final figure of £5,500 . If the lease had gone lower than 80 years, the price would have gone up by a minimum £1,125.

Sudbury case:

In 2011 we were contacted by Mrs Jordan García who, having moved into a one bedroom apartment in Sudbury in February 1995. The dilemma was if we could approximate the compensation to the landlord could be for a ninety year lease extension. Similar premises in Sudbury with 100 year plus lease were worth £200,000. The average ground rent payable was £50 billed monthly. The lease finished on 12 May 2103. Considering the 77 years left we estimated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 not including legals.