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Top reasons for Sheen Park lease extension

Main reasons to start your Sheen Park lease extension today:

Increase your lease and increase your Sheen Park property value

The value of Sheen Park leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase materialy once the remaining term is below than eighty years

An extended lease is almost the same value as a freehold

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

Mortgage lenders will not loan monies with a short lease

The propensity since over the last decade has been for mortgage companies to tighten lending requirements across the board - this has extended to the types of security over which the mortgage is to be granted. This has meant the unexpired lease term required by banks has increased. In the past mortgage companies would lend on a lease with twenty years plus the term of the loan - routinely 50 year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Leeds Building Society 85 years remaining from the start of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary

Why use us for your lease extension in Sheen Park?

Lease extensions in Sheen Park can be a difficult process. We recommend you procure professional help from a conveyancer and surveyor with experience in this area.

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 dealing with Sheen Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Sheen Park Lease Extension Example Cases:

Victoria, Sheen Park, South West London,

Following lengthy correspondence with the freeholder of her leasehold apartment in Sheen Park, Victoria commenced the lease extension process just as her lease was approaching the crucial 80-year threshold. The lease extension completed in July 2010. The landlord’s fees were restricted to slightly above 500 GBP.

Sheen Park case:

Last Christmas we were called by Mr Omar Turner , who bought a basement flat in Sheen Park in August 2005. We are asked if we could shed any light on how much (approximately) premium could be for a ninety year lease extension. Comparable premises in Sheen Park with 100 year plus lease were valued about £183,600. The mid-range amount of ground rent was £65 collected per annum. The lease terminated on 1 August 2082. Given that there were 57 years remaining we approximated the premium to the freeholder for the lease extension to be within £28,500 and £33,000 not including professional charges.

Decision in Wandsworth

An example of a Freehold Enfranchisement decision for a Sheen Park residence is 19 St. Margarets Crescent in August 2010. the tribunal was of the view that the premium to be paid by the leaseholder for the freehold reversion was £51,983.00 This case was in relation to 3 flats. The unexpired lease term was 66.25 years.