Main reasons to start your Sandy lease extension

Why you should start your Sandy lease extension today:

Increase your lease and increase your Sandy property value

Sandy leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. The majority of owners of residential leasehold property in Sandy enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Sandy you really ought to check if your lease has between seventy and ninety years remaining. There are compelling reasons why a Sandy leaseholder with a lease having around eighty years unexpired should take steps to make sure that a lease extension is actioned without delay

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years left, the property will be worth the same as a freehold for many years in the future.

Mortgage lenders may not issue a mortgage on a short lease

Almost all banks and building societies will be unwilling to lend on a lease with less than 70 years left to run - although this varies from lender to lender. A purchaser will undoubtedly find it difficult to obtain a mortgage and this will result in your Sandy property becoming difficult to dispose of or to obtain finance on.

What makes us experts in Sandy lease extensions?

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

Sandy Lease Extension Example Cases:

Edward, Sandy, Bedfordshire

During the course of the last few months Edward, came perilously close to the eighty-year mark with the lease on his leasehold apartment in Sandy. In buying his flat 19 years ago, the length of the lease was of little significance. As luck would have it, he recognised he needed to take steps soon on Extending the lease. Edward was able to extend his lease at the eleventh hour in July. Edward and the freeholder via the management company eventually agreed on sum of £6,000 . If he had missed the deadline, the price would have escalated by a minimum £950.

Sandy case:

Last Spring we were e-mailed by Mr and Mrs. U Carter , who purchased a one bedroom flat in Sandy in April 2003. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by a further 90 years. Comparative premises in Sandy with 100 year plus lease were worth £168,800. The average amount of ground rent was £60 collected yearly. The lease came to a finish on 25 June 2081. Having 55 years outstanding we calculated the premium to the freeholder to extend the lease to be within £31,400 and £36,200 plus expenses.

Sandy case:

In 2014 we were called by Dr Lydia Johnson who, having purchased a studio flat in Sandy in January 2009. We are asked if we could estimate the premium would likely be for a 90 year lease extension. Comparative homes in Sandy with a long lease were worth £235,200. The mid-range ground rent payable was £45 invoiced yearly. The lease expiry date was in 2092. Having 66 years remaining we approximated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 plus legals.