Sedbergh Lease Extension - Free Consultation

Before you progress with your lease extension in Sedbergh
Get a quote from one of our lease extension experts with over 20 years experience.

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Main reasons to start your Sedbergh lease extension

Main reasons to commence your Sedbergh lease extension today:

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

For anyone whose Sedbergh property is held on a long lease, the message is clear – if you ignore the situation, the property will eventually revert to your landlord, leaving you empty-handed. The fewer the years remaining the less it is worth and the more it will cost to procure a lease extension.

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

It is conventional wisdom that a property with more than 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the residence will be equivalent in value to a freehold for many years in the future.

Lending institutions may not lend on a short lease

Nearly all banks and building societies will be unwilling to grant a mortgage on a lease with less than 70 years unexpired - although this varies from lender to lender. A buyer will likely encounter difficulties in obtaining a mortgage and this could result in your Sedbergh property becoming difficult to dispose of or to obtain finance on.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

What makes us experts in Sedbergh lease extensions?

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

Sedbergh Lease Extension Case Studies:

Finley, Sedbergh, Cumbria

Two years ago Finley, came seriously close to the 80-year mark with the lease on his leasehold apartment in Sedbergh. In buying his home 19 years ago, the length of the lease was of no bearing. Thankfully, he became aware that he would imminently be paying way over the odds for a lease extension. Finley arranged for a lease extension just under the wire last July. Finley and the landlord who owned the flat above subsequently agreed on an amount of £5,000 . If the lease had fallen lower than 80 years, the price would have become more costly by at least £1,050.

Sedbergh case:

Last Spring we were called by Mr and Mrs. F Cook , who acquired a studio apartment in Sedbergh in June 2004. The question was if we could shed any light on how much (roughly) price would be to prolong the lease by ninety years. Identical properties in Sedbergh with an extended lease were valued about £225,400. The average ground rent payable was £45 billed per annum. The lease ended on 28 June 2086. Taking into account 64 years remaining we calculated the premium to the landlord to extend the lease to be between £16,200 and £18,600 not including costs.

Sedbergh case:

In 2011 we were called by Ms Harriet Fournier who, having bought a basement apartment in Sedbergh in June 2011. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by an additional years. Comparative residencies in Sedbergh with a long lease were worth £270,000. The mid-range amount of ground rent was £55 billed per annum. The lease came to a finish in 2097. Considering the 75 years outstanding we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including expenses.