The market value of a leasehold property in Sandhurst depends on how many years the lease has left to run. If it is near to or less than 80 years you should anticipate difficulties on re-sale, so it is recommended to arrange for a lease extension prior to buying. Ideally one should start the process of extending the lease is when the lease still has 82 years to run so that all matters can be addressed ahead of the eighty year cut off point. Leasehold Reform legislation entitles Sandhurst qualifying lessees to obtain a new lease which will be for the current unexpired lease term plus a supplemental term of ninety years. The intention of the valuation is to determine the amount payable by the lessee to the freeholder for the acquisition of the lease extension.
It is conventional wisdom that a property with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Godiva Mortgages | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Virgin |
Lease extensions in Sandhurst can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and surveyor 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 procuring Sandhurst lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 9 months of protracted discussions with the landlord of her ground floor flat in Sandhurst, Ellen commenced the lease extension process as the 80 year deadline was quickly nearing. The lease extension completed in March 2005. The freeholder’s charges were restricted to slightly above four hundred pounds.
Dr Abigail Adams acquired a purpose-built flat in Sandhurst in October 2005. The dilemma was if we could approximate the price could be for a ninety year extension to my lease. Identical residencies in Sandhurst with 100 year plus lease were worth £300,000. The mid-range amount of ground rent was £50 billed every twelve months. The lease concluded on 4 June 2102. Considering the 76 years remaining we approximated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 not including expenses.
Dr Kate Clark bought a ground floor flat in Sandhurst in August 2009. The dilemma was if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Similar residencies in Sandhurst with 100 year plus lease were in the region of £257,800. The mid-range amount of ground rent was £65 billed monthly. The lease ran out on 24 June 2091. Considering the 65 years left we approximated the compensation to the landlord for the lease extension to be within £18,100 and £20,800 not including expenses.