Main reasons to commence your Sandbach lease extension

Top reasons for lease extension now:

Increase your lease and increase your Sandbach property value

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

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

It is generally accepted that a residential leasehold with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 45 years unexpired, the premises will be equivalent in value to a freehold for decades to come.

Mortgage lenders will not issue a mortgage on a short lease

Almost all mortgage lenders will be unwilling to lend on a lease with under seventy years left to run - although this varies from lender to lender. A buyer will likely find it difficult to obtain a mortgage and this could result in your Sandbach property becoming difficult to sell or to obtain finance on.

What makes us experts in Sandbach lease extensions?

The conveyancers that we work with handle Sandbach 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 conveyancing solicitor we work with provide it.

Sandbach Lease Extension Case Studies:

Niamh, Sandbach, Cheshire,

Trailing protracted negotiations with the freeholder of her studio apartment in Sandbach, Niamh initiated the lease extension process just as her lease was approaching the crucial eighty-year mark. The transaction was finalised in May 2006. The landlord’s charges were kept to an absolute minimum.

Sandbach case:

Mr and Mrs. T Petit completed a first floor flat in Sandbach in July 2008. We are asked if we could shed any light on how much (approximately) premium would be for a 90 year lease extension. Similar residencies in Sandbach with an extended lease were valued about £245,000. The average amount of ground rent was £50 invoiced monthly. The lease expired on 21 June 2094. Considering the 68 years left we estimated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 not including legals.

Sandbach case:

In 2012 we were phoned by Mr and Mrs. B Moreau who, having took over the lease of a basement flat in Sandbach in October 2011. We are asked if we could estimate the price would likely be to prolong the lease by ninety years. Comparative premises in Sandbach with an extended lease were worth £285,000. The average amount of ground rent was £55 collected monthly. The lease finished on 7 August 2105. Taking into account 79 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 exclusive of expenses.