Main reasons to start your Sanderstead lease extension

Why you should start your Sanderstead lease extension today:

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

The market value of Sanderstead leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase significantly once the unexpired lease term is less than 80 years

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

It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the property will be worth the same as a freehold for decades to come.

Banks and Building Societies may decide not to grant a mortgage with a short lease

Many banks and building societies require a lengthy amount of time left on a leasehold residence before they will contemplate providing a mortgage on it. Even if you don't need a mortgage, you should be conscious that it is reasonable to assume that someone wishing to acquire your property in the future might well do, so where they are unable to obtain a mortgage, then the market price of the property could suffer. In the last decade most banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

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

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

Sanderstead Lease Extension Example Cases:

Erin, Sanderstead, South London,

Off the back of protracted correspondence with the freeholder of her one bedroom apartment in Sanderstead, Erin commenced the lease extension process just as her lease was coming close to the crucial eighty-year deadline. The lease extension was finalised in October 2005. The freeholder’s charges were kept to an absolute minimum.

Sanderstead case:

Mr and Mrs. L Mercier owned a garden flat in Sanderstead in January 2004. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by an additional years. Comparable flats in Sanderstead with 100 year plus lease were worth £233,200. The mid-range ground rent payable was £60 invoiced yearly. The lease terminated in 2087. Given that there were 61 years unexpired we estimated the premium to the landlord for the lease extension to be between £22,800 and £26,400 plus costs.