Why you should commence your Sandhurst lease extension

Top reasons for lease extension now:

Increase your lease and increase your Sandhurst property value

Unfortunately that a Sandhurst residential lease is a wasting asset. The lease value reduces in proportion to its lease length. The extent of this is not fully appreciated in the first few years due to the depreciation being disguised by increases in the Sandhurst property prices.Where your lease has approximately ninety years left, you should start considering a lease extension. If the number of years remaining drops below eighty years, you will then be required to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add the property Most flat owners in Sandhurst will be able to extend under the legislation; however a lawyer will be able to clarify if you qualify for an extension. In some situations you may not be entitled. There are also strict timeframes and procedures to follow once the process has commenced and you will need to be guided by your lawyer for the duration of the formalities.

Sandhurst property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for many years ahead.

Lending institutions will not lend with a short lease

Many banks and building societies will not lend on a lease with under seventy years left to run - although this varies between mortgage companies. A purchaser will likely find it difficult in obtaining a mortgage and this will result in your Sandhurst property being difficult to dispose of or refinance.

Why use us for your lease extension in Sandhurst?

Using our service gives you better control over the value of your Sandhurst leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Sandhurst Lease Extension Example Cases:

Alice, Sandhurst, Berkshire,

Following protracted correspondence with the freeholder of her basement apartment in Sandhurst, Alice commenced the lease extension process just as the lease was nearing the all-important 80-year mark. The lease extension completed in June 2010. The freeholder’s charges were kept to an absolute minimum.

Sandhurst case:

In 2010 we were contacted by Mr and Mrs. T Wood who, having moved into a newly refurbished apartment in Sandhurst in November 2000. We are asked if we could approximate the price would likely be for a 90 year extension to my lease. Comparative residencies in Sandhurst with a long lease were in the region of £250,400. The average amount of ground rent was £65 billed yearly. The lease came to a finish in 2090. Having 64 years outstanding we calculated the premium to the freeholder for the lease extension to be between £19,000 and £22,000 plus costs.

Sandhurst case:

Mr and Mrs. E Green was assigned a lease of a one bedroom flat in Sandhurst in March 2011. The dilemma was if we could approximate the price would be for a 90 year lease extension. Comparable residencies in Sandhurst with 100 year plus lease were worth £189,000. The average ground rent payable was £55 invoiced yearly. The lease expired in 2079. Considering the 53 years remaining we estimated the compensation to the freeholder to extend the lease to be within £28,500 and £33,000 exclusive of legals.