Top reasons for Sandwich lease extension

Main reasons to commence your Sandwich lease extension today:

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

Sandwich leases on domestic properties are gradually losing value. Where your lease has about ninety years left, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for the lease extension to take place before the term of the current lease dips below 80 years - otherwise a higher amount will be payable. Leasehold owners in Sandwich will usually be legally entitled to a lease extension; however a solicitor will check your eligibility. In some situations you may not qualify. There are prescribed deadlines and steps to comply with once the process is triggered so it’s prudent to be guided by a conveyancer during the process.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Mortgage lenders will not grant a mortgage with a short lease

Lenders do not like short residential leases. You are likely to encounter difficulties if you wish to sell your flat in Sandwich if the unexpired lease term is less than the criteria set by most mortgage companies. Different lenders have different requirements but generally they are looking for a minimum remaining lease term of 65 years.

What makes us experts in Sandwich lease extensions?

Irrespective of whether you are a tenant or a freeholder in Sandwich,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Sandwich valuers.

Sandwich Lease Extension Example Cases:

Hugo, Sandwich, Kent,

Hugo owned a conversion apartment in Sandwich being sold with a lease of a few days over 72 years unexpired. Hugo on an informal basis contacted his freeholder being a well known Bristol-based freehold company for a lease extension. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £200 per annum. No ground rent would be due on a lease extension were Hugo to exercise his statutory right. Hugo procured expert legal guidance and secured satisfactory deal without resorting to tribunal and sell the property.

Sandwich case:

In 2009 we were contacted by Ms Katie Collins who, having moved into a garden flat in Sandwich in April 2012. The question was if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year lease extension. Comparable flats in Sandwich with 100 year plus lease were worth £260,000. The average ground rent payable was £50 billed every twelve months. The lease lapsed on 13 January 2098. Having 72 years remaining we approximated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 plus fees.

Sandwich case:

In 2014 we were e-mailed by Dr R Richardson who, having owned a recently refurbished flat in Sandwich in August 2001. The question was if we could estimate the premium would likely be for a 90 year lease extension. Identical flats in Sandwich with 100 year plus lease were in the region of £261,600. The mid-range ground rent payable was £60 billed every twelve months. The lease came to a finish on 13 January 2078. Considering the 52 years as a residual term we estimated the compensation to the freeholder for the lease extension to be between £39,000 and £45,000 plus professional charges.