Why you should start your Sittingbourne lease extension

Main reasons to start your Sittingbourne lease extension today:

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

Chances are that if you own a flat in Sittingbourne you actually own a long leasehold interest over your property

Sittingbourne property with a lease extension is almost the same value as a freehold

It is generally accepted that a property with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Lending institutions may decide not to finance a property with a short lease

The propensity since 2008 has been for banks to tighten lending requirements generally - this has extended to the property over which the home loan is to be granted. This has resulted in the minimum number of years remaining under the lease required by banks has increased. In the past mortgage companies would grant a mortgage on a lease with twenty years plus the term of the loan - routinely 50 year leases but those requirements evolved by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

Why use us for your lease extension in Sittingbourne?

The conveyancing solicitors that we work with handle Sittingbourne lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Sittingbourne Lease Extension Example Cases:

Alexander, Sittingbourne, Kent

During the course of the last few months Alexander, came precariously close to the 80-year threshold with the lease on his studio apartment in Sittingbourne. In buying his flat twenty years ago, the unexpired term was of little importance. Thankfully, he became aware that he needed to take steps soon on a lease extension. Alexander was able to extend his lease just ahead of time in March. Alexander and the freeholder in the end agreed on an amount of £6,000 . If the lease had fallen lower than 80 years, the premium would have gone up by a minimum £875.

Sittingbourne case:

Mr and Mrs. N Bertrand took over the lease of a one bedroom flat in Sittingbourne in November 1997. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Comparative premises in Sittingbourne with 100 year plus lease were in the region of £198,800. The mid-range amount of ground rent was £55 billed monthly. The lease expired in 2081. Given that there were 55 years remaining we estimated the premium to the landlord to extend the lease to be within £33,300 and £38,400 exclusive of professional charges.

Sittingbourne case:

Dr Owen White acquired a purpose-built flat in Sittingbourne in November 2006. We are asked if we could estimate the price would likely be for a ninety year extension to my lease. Comparable premises in Sittingbourne with an extended lease were in the region of £300,000. The average ground rent payable was £50 billed annually. The lease ended on 3 September 2102. Considering the 76 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of fees.