Lower Sunbury Lease Extension - Free Consultation

Get a Quote

Before you progress with your lease extension in Lower Sunbury
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Main reasons to commence your Lower Sunbury lease extension

Main reasons to commence your Lower Sunbury lease extension today:

Increase your lease and increase your Lower Sunbury property value

The basic rule is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Lower Sunbury may extend the lease for an additional 90 years under legislation. Please think carefully before delaying your Lower Sunbury lease extension. Postponing the costs now simply increases the price you will eventually be required to pay to extend the lease.

Lower Sunbury property with a lease extension is almost the same value as a freehold

It is generally considered that a property with more than 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Lenders may not finance a property on a short lease

Nearly all banks and building societies insist on a lengthy amount of time remaining on any leasehold residence before they will consider lending on it. Even if you don't require a mortgage, you should be aware that it is reasonable to assume that someone wanting to purchase your property in the future might well do, so in the event that they are not able to get a mortgage, then the market price of the property could suffer. In the last decade many banks and building societies have increased the required minimum lease length that they are prepared to accept

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Coventry Building Society 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.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

What makes us experts in Lower Sunbury lease extensions?

Lease extensions in Lower Sunbury can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and valuer 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 dealing with Lower Sunbury lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Lower Sunbury Lease Extension Case Summaries:

Lauren, Lower Sunbury, Surrey,

Subsequent to unsuccessful correspondence with the freeholder of her two bedroom apartment in Lower Sunbury, Lauren started the lease extension process as the eighty year deadline was quickly approaching. The transaction was concluded in November 2008. The landlord’s costs were kept to an absolute minimum.

Lower Sunbury case:

Mr Oscar González took over the lease of a studio flat in Lower Sunbury in September 2005. The dilemma was if we could estimate the premium would be to extend the lease by 90 years. Comparative properties in Lower Sunbury with a long lease were valued around £270,000. The average ground rent payable was £55 collected yearly. The lease expiry date was on 2 February 2100. Considering the 75 years unexpired we estimated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 plus professional charges.

Decision in Hounslow

An example of a Lease Extension decision for a Lower Sunbury property is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case affected 1 flat. The unexpired term as at the valuation date was 82.93 years.