Main reasons to commence your Sandbach lease extension

Top reasons for lease extension now:

A Sandbach leasehold property depreciates with the years remaining on the lease.

As the length of the unexpired term of a Sandbach residential lease diminished so does its value and therefore the value of your property. If the residual term has, in excess of 125 years to run then this decrease may be fractional nevertheless there will become a stage when a lease has fewer than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary reason why you should extend the lease without delay. Most flat owners in Sandbach will meet the qualifying criteria; nevertheless a lawyer should be able to confirm whether you qualify for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

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

Leasehold residencies in Sandbach with more than one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges merit it.

Mortgage lenders may not loan monies with a short lease

Nearly all mortgage lenders require a lengthy amount of time remaining on a leasehold property before they will contemplate providing a mortgage on it. Regardless of whether you require a mortgage, you should keep in mind that it is likely that someone wishing to acquire your property in the future might well do, so where they are unable to get a mortgage, then the value of the property will likely suffer. Since 2008 many banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

What makes us experts in Sandbach lease extensions?

Using our service gives you better control over the value of your Sandbach leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Sandbach Lease Extension Case Studies:

Olivia, Sandbach, Cheshire,

Trailing protracted correspondence with the freeholder of her leasehold flat in Sandbach, Olivia started the lease extension process as the 80 year deadline was quickly nearing. The transaction completed in August 2011. The landlord’s fees were negotiated to a tad over 650 pounds.

Sandbach case:

In 2012 we were contacted by Mr M Sánchez who, having owned a purpose-built flat in Sandbach in October 2007. We are asked if we could shed any light on how much (roughly) price would be to extend the lease by ninety years. Comparative flats in Sandbach with 100 year plus lease were valued about £260,000. The average ground rent payable was £50 invoiced per annum. The lease ran out on 8 February 2098. Given that there were 72 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including legals.

Sandbach case:

Dr M Jones acquired a newly refurbished flat in Sandbach in August 1998. We are asked if we could shed any light on how much (roughly) price would likely be to prolong the lease by an additional years. Identical properties in Sandbach with an extended lease were worth £261,600. The average amount of ground rent was £60 billed yearly. The lease elapsed in 2078. Given that there were 52 years left we approximated the compensation to the freeholder for the lease extension to be between £39,000 and £45,000 plus expenses.