Sandhurst leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. The majority of owners of residential leasehold property in Sandhurst enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Sandhurst you must investigate if your lease has between seventy and ninety years remaining. There are compelling reasons why a Sandhurst flat owner with a lease having around eighty years unexpired should take action to ensure that a lease extension is effected without delay
Leasehold residencies in Sandhurst with more than 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Birmingham Midshires | |
| Godiva Mortgages | |
| TSB | |
| Royal Bank of Scotland |
Using our service gives you increased control over the value of your Sandhurst leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Two years ago Lewis, came perilously near to the eighty-year threshold with the lease on his studio flat in Sandhurst. In buying his home 18 years previously, the length of the lease was of minimal concern. Thankfully, he became aware that he needed to take action soon on a lease extension. Lewis extended the lease just ahead of time last June. Lewis and the freeholder in the end settled on the final figure of £5,500 . If the lease had gone lower than 80 years, the figure would have increased by a minimum £1,025.
Dr John González bought a purpose-built apartment in Sandhurst in April 2009. We are asked if we could shed any light on how much (approximately) premium would be to extend the lease by ninety years. Comparative homes in Sandhurst with 100 year plus lease were worth £189,000. The average amount of ground rent was £55 billed quarterly. The lease expired on 11 November 2079. Given that there were 53 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £28,500 and £33,000 exclusive of fees.
Last Summer we were called by Mr I Brooks , who bought a purpose-built flat in Sandhurst in October 2001. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparative flats in Sandhurst with 100 year plus lease were in the region of £290,000. The average ground rent payable was £45 collected yearly. The lease ran out in 2099. Having 73 years unexpired we estimated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of fees.