Main reasons to commence your Sandringham lease extension

Main reasons to start your Sandringham lease extension today:

A Sandringham leasehold property depreciates with the years remaining on the lease.

Chances are that where you own a flat in Sandringham you actually own a long leasehold interest over your property

Sandringham property with a lease extension is almost the same value as a freehold

Leasehold properties in Sandringham with more than one hundred 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 home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

Mortgage lenders may decide not to issue a mortgage with a short lease

Get in touch with one of our Sandringham lease extension solicitors or enfranchisement solicitors

Engaging our service will provide you increased control over the value of your Sandringham leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Sandringham Lease Extension Example Cases:

Catherine, Sandringham, Norfolk,

After unsuccessful discussions with the freeholder of her garden flat in Sandringham, Catherine started the lease extension process as the 80 year mark was fast nearing. The transaction was finalised in May 2010. The landlord’s costs were restricted to slightly above 650 pounds.

Sandringham case:

Dr Bethan Anderson completed a basement apartment in Sandringham in February 2004. We are asked if we could shed any light on how much (roughly) price would likely be for a ninety year lease extension. Identical properties in Sandringham with a long lease were in the region of £216,000. The average ground rent payable was £60 collected annually. The lease concluded on 24 April 2084. Given that there were 58 years outstanding we approximated the compensation to the landlord to extend the lease to be within £28,500 and £33,000 plus fees.

Sandringham case:

Last Summer we were approach by Dr Alicia François , who completed a studio flat in Sandringham in March 2008. We are asked if we could estimate the premium would likely be to extend the lease by ninety years. Identical residencies in Sandringham with 100 year plus lease were worth £205,000. The average amount of ground rent was £50 collected monthly. The lease lapsed in 2104. Considering the 78 years as a residual term we calculated the premium to the landlord for the lease extension to be within £7,600 and £8,800 exclusive of fees.