Top reasons for Sudbury lease extension

Main reasons to start your Sudbury lease extension today:

Increase your lease and increase your Sudbury property value

Chances are that where you own a flat in Sudbury you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold residencies in Sudbury with more than one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit it.

Mortgage lenders may decide not to finance a property on a short lease

Nearly all mortgage lenders will not grant a mortgage on a lease with less than 70 years unexpired - although this varies between mortgage companies. A buyer will undoubtedly find it difficult to obtain a mortgage and this will result in your Sudbury property being difficult to sell or to obtain finance on.

What makes us experts in Sudbury lease extensions?

Irrespective of whether you are a tenant or a freeholder in Sudbury,the lease extension solicitors 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 Sudbury valuers.

Sudbury Lease Extension Example Cases:

Jennifer, Sudbury, Suffolk,

In the wake of 9 months of lengthy negotiations with the landlord of her first floor apartment in Sudbury, Jennifer commenced the lease extension process as the 80 year mark was swiftly approaching. The transaction completed in September 2014. The freeholder’s fees were negotiated to less than 650 pounds.

Sudbury case:

Last March we were e-mailed by Dr Sebastian Martínez , who owned a one bedroom flat in Sudbury in January 1999. We are asked if we could estimate the compensation to the landlord would be for a 90 year extension to my lease. Identical premises in Sudbury with a long lease were worth £233,200. The average amount of ground rent was £60 billed monthly. The lease terminated on 8 July 2087. Taking into account 61 years left we calculated the premium to the freeholder for the lease extension to be within £22,800 and £26,400 not including costs.