Why you should start your Long Sutton lease extension

Why you should commence your Long Sutton lease extension today:

A Long Sutton leasehold property depreciates with the years remaining on the lease.

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

An extended lease is almost the same value as a freehold

Leasehold premises in Long Sutton with in excess of 100 years left 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 property. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges merit it.

Mortgage lenders will not issue a mortgage with a short lease

Lenders are really restricting their approach as regards to properties in Long Sutton with short leases. For instance you might discover that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you needed to sell, your only options would be to find a cash buyer, or hope for the best at auction thus narrowing the amount of potential purchasers.

What makes us experts in Long Sutton lease extensions?

Lease extensions in Long Sutton can be a difficult process. We recommend you get guidance from a conveyancer and surveyor with experience in lease extensions.

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 a wealth of experience procuring Long Sutton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Long Sutton Lease Extension Case Summaries:

Michael, Long Sutton, Lincolnshire,

Michael was the the leasehold proprietor of a conversion flat in Long Sutton on the market with a lease of a few days over fifty eight years remaining. Michael on an informal basis approached his landlord a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years subject to a new rent initially set at £200 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Michael to invoke his statutory right. Michael obtained expert legal guidance and secured an acceptable deal without resorting to tribunal and sell the property.

Long Sutton case:

Mr and Mrs. V Reed bought a one bedroom apartment in Long Sutton in January 2005. We are asked if we could estimate the premium could be to prolong the lease by 90 years. Similar residencies in Long Sutton with a long lease were worth £280,000. The average amount of ground rent was £45 collected quarterly. The lease came to a finish in 2095. Having 69 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 exclusive of legals.

Long Sutton case:

Mr and Mrs. B King took over the lease of a one bedroom apartment in Long Sutton in June 1998. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by a further 90 years. Comparable homes in Long Sutton with a long lease were in the region of £218,400. The average ground rent payable was £60 billed monthly. The lease terminated in 2085. Taking into account 59 years remaining we approximated the premium to the landlord for the lease extension to be between £27,600 and £31,800 plus expenses.