Main reasons to commence your Sandbach lease extension

Top reasons for lease extension now:

Increase your lease and increase your Sandbach property value

Sandbach residential property held on a long lease is a wasting asset because a leaseholder only owns the property for a period of years.

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

It is generally considered that a residential leasehold with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Lenders may decide not to grant a mortgage with a short lease

Banks and building societies are inclined not grant a mortgage on short residential leases. You most probably encounter problems where you want to sell your flat in Sandbach if the unexpired term of your lease is below the criteria set by the majority of mortgage companies. Different mortgage companies have different requirements but in the main they are looking for an unexpired term of at least 65 years.

What makes us experts in Sandbach lease extensions?

The lawyers that we work with procure 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 conveyancer we work with provide it.

Sandbach Lease Extension Case Studies:

Teddy, Sandbach, Cheshire,

Teddy was the the leasehold owner of a high value apartment in Sandbach being marketed with a lease of fraction over sixty years remaining. Teddy informally spoke with his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £100 annually. No ground rent would be due on a lease extension were Teddy to exercise his statutory right. Teddy procured expert advice and was able to make an informed judgement and handle with the matter and sell the property.

Sandbach case:

In 2014 we were approached by Mr Hugo Campbell who, having acquired a one bedroom apartment in Sandbach in March 2011. The question was if we could estimate the compensation to the landlord would be to extend the lease by a further 90 years. Identical residencies in Sandbach with a long lease were in the region of £275,000. The mid-range ground rent payable was £55 billed every twelve months. The lease finished on 6 April 2102. Given that there were 76 years unexpired we estimated the premium to the landlord for the lease extension to be between £9,500 and £11,000 not including professional charges.

Sandbach case:

Mrs Caitlin Phillips owned a garden flat in Sandbach in May 2004. The question was if we could shed any light on how much (roughly) price could be for a 90 year extension to my lease. Similar premises in Sandbach with 100 year plus lease were worth £176,200. The average ground rent payable was £65 invoiced yearly. The lease ran out on 10 March 2082. Taking into account 56 years unexpired we estimated the compensation to the landlord for the lease extension to be within £29,500 and £34,000 exclusive of professional charges.