Top reasons for Sanderstead lease extension

Main reasons to commence your Sanderstead lease extension today:

Increase your lease and increase your Sanderstead property value

There is no doubt about it a leasehold flat or house in Sanderstead is a wasting asset as a result of the diminishing lease term. Where the lease has, over 100 years remaining then this decrease may be fractional that being said there will become a stage when a lease has fewer than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary logic behind why you should extend the lease without delay. Most flat owners in Sanderstead will qualify for this right; nevertheless a conveyancer can confirm whether 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 is almost the same value as a freehold

Leasehold residencies in Sanderstead with more than 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.

Banks and Building Societies will not lend on a short lease

Mortgage companies are making their criteria more stringent and a meaningful number now require flats to have a minimum of sixty if not seventy years remaining at the end of the mortgage. Given that many flats in Sanderstead were created in the 1950s, 1960s and 1970s this means many now need to be extended if they wish to obtain a mortgage.

Why use us for your lease extension in Sanderstead?

Lease extensions in Sanderstead can be a difficult process. We recommend you get professional help from a conveyancer and valuer with experience in lease extensions.

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 dealing with 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 Summaries:

Natalie, Sanderstead, South London,

Off the back of lengthy discussions with the landlord of her studio flat in Sanderstead, Natalie started the lease extension process as the 80 year mark was fast advancing. The legal work was finalised in September 2011. The landlord’s fees were kept to an absolute minimum.

Sanderstead case:

Mr and Mrs. M Wood purchased a one bedroom apartment in Sanderstead in October 1996. We are asked if we could shed any light on how much (approximately) price would likely be to prolong the lease by 90 years. Comparative homes in Sanderstead with an extended lease were in the region of £295,000. The mid-range ground rent payable was £45 invoiced annually. The lease ended in 2100. Taking into account 74 years outstanding we approximated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 not including expenses.