Top reasons for Sandbach lease extension

Main reasons to start your Sandbach lease extension today:

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

On the balance of probabilities where you own a flat in Sandbach you actually own a long leasehold interest over your property

Sandbach property with a lease extension has roughly the same value as a freehold

Leasehold premises in Sandbach with over 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges justify it.

Lending institutions may not grant a mortgage with a short lease

The definition of a short lease varies by mortgage company, yet mortgage lenders start to get concerned at around 75 years. This will cause difficulties when you need to market or remortgage your flat as it will be practically unmortgageable. Even though you may not have an immediate intention to sell but when you do your purchaser must hold off for a couple of years before they can exercise the right to a a lease extension.

Why use us for your lease extension in Sandbach?

Regardless of whether you are a tenant or a landlord in Sandbach,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Sandbach valuers.

Sandbach Lease Extension Case Summaries:

Ellie, Sandbach, Cheshire,

In the wake of eight months of unsuccessful correspondence with the freeholder of her leasehold apartment in Sandbach, Ellie initiated the lease extension process just as her lease was approaching the critical 80-year deadline. The lease extension was finalised in September 2013. The freeholder’s costs were kept to an absolute minimum.

Sandbach case:

Dr Kai Ali took over the lease of a one bedroom apartment in Sandbach in October 1999. We are asked if we could approximate the premium would likely be to prolong the lease by an additional years. Comparable homes in Sandbach with an extended lease were worth £225,400. The mid-range ground rent payable was £45 invoiced monthly. The lease ended on 3 March 2090. Given that there were 64 years remaining we calculated the compensation to the freeholder to extend the lease to be between £15,200 and £17,600 not including costs.

Sandbach case:

Last Summer we were approach by Mr and Mrs. I James , who completed a purpose-built apartment in Sandbach in February 2006. The dilemma was if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Identical properties in Sandbach with a long lease were in the region of £270,000. The average ground rent payable was £55 billed quarterly. The lease finished on 18 January 2101. Having 75 years outstanding we approximated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 plus legals.