Why you should start your Sandwich lease extension

Why you should commence your Sandwich lease extension today:

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

The value of Sandwich leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase materialy once the unexpired lease term is less than 80 years

An extended lease has roughly the same value as a freehold

Leasehold premises in Sandwich with in excess of one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges warrant it.

Banks and Building Societies may not issue a mortgage with a short lease

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

Retaining our service gives you enhanced control over the value of your Sandwich leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Sandwich Lease Extension Example Cases:

Chloe, Sandwich, Kent,

Following protracted discussions with the landlord of her one bedroom apartment in Sandwich, Chloe initiated the lease extension process as the eighty year deadline was swiftly advancing. The lease extension was concluded in July 2009. The freeholder’s charges were kept to an absolute minimum.

Sandwich case:

Last month we were phoned by Mr Ollie Girard , who purchased a newly refurbished flat in Sandwich in August 2012. We are asked if we could approximate the price would be for a ninety year lease extension. Comparative homes in Sandwich with 100 year plus lease were in the region of £183,600. The average ground rent payable was £65 collected per annum. The lease ended in 2083. Having 57 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 plus costs.

Sandwich case:

In 2009 we were e-mailed by Mr and Mrs. N Patel who, having took over the lease of a garden apartment in Sandwich in July 2005. We are asked if we could approximate the price could be for a 90 year extension to my lease. Identical homes in Sandwich with 100 year plus lease were valued about £245,000. The mid-range amount of ground rent was £50 invoiced yearly. The lease ended in 2094. Considering the 68 years unexpired we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 plus legals.