Top reasons for Sanderstead lease extension

Main reasons to commence your Sanderstead lease extension today:

Increase your lease and increase your Sanderstead property value

It’s an underpublicised certainty that a Sanderstead residential lease is a wasting asset. The lease value drops in proportion to its lease length. The extent of this is taken for granted in the early years due to the reduction being disguised by increases in the Sanderstead property market.Where your lease has approximately 90 years left, you should start considering a lease extension. If the number of years remaining falls below eighty years, you will end up paying half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property Most flat owners in Sanderstead will be able to extend under the legislation; however a lawyer should be able to clarify whether you are eligibility. In some situations you may not qualify. There are also strict deadlines and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancing solicitor for the duration of the formalities.

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with more than 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the residence will be equivalent in value to a freehold for many years in the future.

Lenders may not loan monies on a short lease

Banks and Building Societies have specific criteria when lending monies secured on leasehold property. Many will simply refrain from lending at all once the remaining lease term falls beneath a certain unexpired lease term. Many Banks and Building Societies will not regard property with an unexpired term of less than seventy years as acceptable security. In addition to this being important when selling, it is also relevant where you are intending to remortgage your Sanderstead property.

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 experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Sanderstead valuers.

Sanderstead Lease Extension Example Cases:

Chloe, Sanderstead, South London,

Subsequent to unsuccessful negotiations with the freeholder of her garden apartment in Sanderstead, Chloe initiated the lease extension process just as the lease was nearing the all-important 80-year threshold. The legal work was concluded in September 2013. The landlord’s fees were kept to an absolute minimum.

Sanderstead case:

Last Autumn we were called by Dr T Rivera , who completed a basement flat in Sanderstead in July 2009. The question was if we could estimate the premium would be to prolong the lease by a further 90 years. Comparative residencies in Sanderstead with an extended lease were in the region of £280,000. The average ground rent payable was £45 billed annually. The lease ran out on 2 November 2096. Having 70 years as a residual term we estimated the premium to the landlord for the lease extension to be within £12,400 and £14,200 not including legals.