Why you should commence your Sawtry lease extension

Why you should start your Sawtry lease extension today:

Increase your lease and increase your Sawtry property value

The value of Sawtry leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate significantly once the unexpired lease term is less than 80 years

Sawtry property with a lease extension has roughly the same value as a freehold

It is generally considered that a property with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Lenders may not lend with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to get concerned at around 75 years. This will be problematic when you wish to sell or remortgage your property as it will be practically unmortgageable. You might not have an imminent plan to sell but when you do your buyer must hold off for 2 years before they can start the legal procedures for a lease extension.

Why use us for your lease extension in Sawtry?

Lease extensions in Sawtry can be a difficult process. We recommend you get professional help from a conveyancer 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 in-depth market knowledge procuring Sawtry lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Sawtry Lease Extension Case Studies:

Alexander, Sawtry, Cambridgeshire

In recent months Alexander, came perilously close to the 80-year threshold with the lease on his purpose- built apartment in Sawtry. Having bought his property twenty years previously, the unexpired term was of little interest. As luck would have it, he became aware that he needed to take action soon on Extending the lease. Alexander arranged for a lease extension just under the wire in May. Alexander and the landlord eventually agreed on an amount of £6,000 . If the lease had dipped lower than eighty years, the figure would have increased by at least £1,025.

Sawtry case:

Mr and Mrs. M Rivera moved into a one bedroom flat in Sawtry in April 2011. We are asked if we could estimate the premium could be to prolong the lease by ninety years. Comparable flats in Sawtry with a long lease were worth £191,400. The average amount of ground rent was £55 invoiced monthly. The lease expired on 22 October 2080. Given that there were 54 years left we calculated the premium to the landlord for the lease extension to be within £34,200 and £39,600 plus expenses.

Sawtry case:

Mr and Mrs. G Rodríguez owned a recently refurbished flat in Sawtry in March 2010. We are asked if we could shed any light on how much (roughly) premium would likely be to prolong the lease by a further 90 years. Identical residencies in Sawtry with a long lease were worth £295,000. The mid-range ground rent payable was £45 invoiced monthly. The lease terminated in 2100. Given that there were 74 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 not including expenses.