Top reasons for Sanderstead lease extension

Top reasons for lease extension now:

Increase your lease and increase your Sanderstead property value

The market value of a leasehold property in Sanderstead is impacted by how long the lease has remaining. If it is near to or less than 80 years you should foresee difficulties on re-sale, so it is recommended to arrange for the lease to be extended ahead of purchasing. It is ideal to start the lease extension process when a lease still has 82 years unexpired so that all matters can be concluded in advance of the eighty year threshold. Statute enables Sanderstead qualifying lessees to obtain a lease extension of 90 years in addition to the remaining lease term at a peppercorn rent (that is, rent free). The purpose of the valuation is to arrive at an opinion of the premium payable by the lessee to the freeholder for the acquisition of the lease extension.

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

Leasehold residencies in Sanderstead with in excess of 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges justify it.

Banks and Building Societies will not lend on a short lease

Most banks and building societies insist on a lengthy amount of time remaining on a leasehold property before they will consider it as adequate security. Even if you don't need a mortgage, you should be mindful that it is likely that someone wanting to purchase your property in the future might well do, so if they are unable to obtain a mortgage, then the financial worth of the property will likely suffer. Since 2008 most mortgage lenders have increased the required minimum lease length that they are prepared to accept

What makes us experts in Sanderstead lease extensions?

Using our service gives you enhanced control over the value of your Sanderstead leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Sanderstead Lease Extension Case Summaries:

Elizabeth, Sanderstead, South London,

After lengthy negotiations with the freeholder of her first floor flat in Sanderstead, Elizabeth commenced the lease extension process as the 80 year deadline was quickly coming. The transaction completed in September 2015. The freeholder’s fees were kept to an absolute minimum.

Sanderstead case:

In 2011 we were phoned by Mr Caleb López who, having took over the lease of a ground floor apartment in Sanderstead in May 2005. We are asked if we could estimate the premium could be to prolong the lease by 90 years. Identical flats in Sanderstead with a long lease were in the region of £275,000. The average ground rent payable was £45 collected per annum. The lease ran out in 2095. Considering the 69 years outstanding we calculated the premium to the landlord for the lease extension to be between £12,400 and £14,200 plus fees.