Main reasons to start 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

Lower Sunbury leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. Legislation has been in place for sometime now which entitles qualifying Lower Sunbury residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Lower Sunbury you should see if your lease has between 70 and ninety years remaining. In particular once the remaining lease term slips under eighty years, the compensation to the landlord for any lease extension increases dramatically as an element of the premium you pay is what is known as a marriage value

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with more than 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the residence will be worth the same as a freehold for decades to come.

Mortgage lenders may not grant a mortgage on a short lease

Banks and building societies are really clamping down as regards to properties in Lower Sunbury with short leases. For instance you might discover that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you needed to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus narrowing the number of prospective buyers.

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

The conveyancing solicitors that we work with undertake Lower Sunbury lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Lower Sunbury Lease Extension Case Summaries:

Dexter, Lower Sunbury, Surrey,

Dexter owned a 2 bedroom flat in Lower Sunbury being marketed with a lease of fraction over sixty years unexpired. Dexter on an informal basis contacted his landlord a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £100 per annum. No ground rent would be due on a lease extension were Dexter to invoke his statutory right. Dexter obtained expert advice and was able to make a more informed decision and handle with the matter and readily saleable.

Lower Sunbury case:

Last Autumn we were approach by Mr and Mrs. P Lefèvre , who moved into a basement apartment in Lower Sunbury in February 2002. The dilemma was if we could estimate the premium would be for a 90 year extension to my lease. Similar residencies in Lower Sunbury with an extended lease were valued about £285,000. The average amount of ground rent was £55 billed per annum. The lease came to a finish on 2 January 2106. Given that there were 80 years left we calculated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 exclusive of fees.