Main reasons to commence 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 basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Sanderstead can extend the lease for an additional ninety years in accordance with the 1993 Leasehold Reform Act. Do give careful consideration before delaying your Sanderstead lease extension. Putting off that expense now simply increases the price you will ultimately be required to pay to extend the lease.

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

It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Lenders may decide not to finance a property on a short lease

The trend since over the last decade has been for banks to tighten lending requirements across the board - this has extended to the property over which the home loan is to be granted. This has resulted in the minimum number of years remaining under the lease required by mortgage companies has increased. Historically lenders were content with 25 years plus the term of the loan - routinely fifty year leases but those requirements have been chipped away by the requirement for lengthy leases - many use a minimum term of 75 years as a prerequisite.

What makes us experts in Sanderstead lease extensions?

Lease extensions in Sanderstead can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor with experience in this area.

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 a wealth of experience 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 Example Cases:

Tyler, Sanderstead, South London

During the course of the last few months Tyler, came very near to the 80-year threshold with the lease on his first floor apartment in Sanderstead. In buying his home twenty years ago, the length of the lease was of little concern. Fortunately, he recognised he needed to take steps soon on Extending the lease. Tyler extended the lease at the eleventh hour last January. Tyler and the landlord who owned the flat above eventually agreed on the final figure of £5,500 . If the lease had slid below 80 years, the amount would have become more costly by a minimum £850.

Sanderstead case:

In 2009 we were approached by Dr S Flores who, having was assigned a lease of a recently refurbished apartment in Sanderstead in November 1996. We are asked if we could shed any light on how much (roughly) premium could be to extend the lease by a further 90 years. Identical residencies in Sanderstead with an extended lease were valued around £200,000. The average amount of ground rent was £50 billed every twelve months. The lease came to a finish on 25 November 2104. Taking into account 78 years left we approximated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 plus fees.