Main reasons to start your Sanderstead lease extension

Top reasons for lease extension now:

Increase your lease and increase your Sanderstead property value

The nearer a residential lease in Sanderstead gets to zero years unexpired, the more it reduces the value of the property. Where the lease has, more than 99 years remaining then this decrease may be of little impact nevertheless there will become a stage when a lease has under than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary rational as to why you should consider extending without delay. Many flat owners in Sanderstead will meet the qualifying criteria; however a conveyancer should be able to confirm if you are eligible to extend your lease. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

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

Leasehold properties in Sanderstead with over one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.

Lending institutions may not issue a mortgage on a short lease

The propensity since over the last decade has been for lenders to tighten lending requirements across the board - this has extended to the types of security over which the mortgage is to be charged. This has meant the minimum number of years remaining under the lease required by banks has increased. Historically lenders would lend on a lease with twenty years plus the term of the loan - routinely 50 year leases but those requirements evolved by the requirement for longer and longer leases - many use a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Sanderstead?

Lease extensions in Sanderstead can be a difficult process. We recommend you obtain guidance from a conveyancer and surveyor well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Sanderstead lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Sanderstead Lease Extension Case Studies:

Jodie, Sanderstead, South London,

In the wake of 6 months of lengthy discussions with the landlord of her garden apartment in Sanderstead, Jodie initiated the lease extension process as the 80 year deadline was rapidly nearing. The transaction was finalised in January 2013. The freeholder’s fees were negotiated to about 700 GBP.

Sanderstead case:

Mr and Mrs. U Rogers took over the lease of a one bedroom flat in Sanderstead in September 2005. The dilemma was if we could shed any light on how much (approximately) premium could be to extend the lease by 90 years. Comparative flats in Sanderstead with a long lease were worth £260,200. The average amount of ground rent was £65 collected annually. The lease finished in 2092. Given that there were 66 years left we approximated the premium to the landlord for the lease extension to be between £16,200 and £18,600 plus fees.