Why you should commence your Sonning Common lease extension

Main reasons to start your Sonning Common lease extension today:

Increase your lease and increase your Sonning Common property value

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

An extended lease has roughly the same value as a freehold

Leasehold residencies in Sonning Common with over one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges justify it.

Mortgage lenders may decide not to issue a mortgage on a short lease

Lenders are making their criteria more stringent and a meaningful number now require flats to have a minimum of 60 if not 70 years remaining once the mortgage has expired. As plenty of flats in Sonning Common were created in the fifties, sixties and seventies this means many now require lease extensions if they if they are to be mortgageable.

What makes us experts in Sonning Common lease extensions?

Using our service will provide you increased control over the value of your Sonning Common leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Sonning Common Lease Extension Example Cases:

Isobel, Sonning Common, Oxfordshire,

Off the back of unsuccessful correspondence with the landlord of her basement flat in Sonning Common, Isobel commenced the lease extension process as the eighty year deadline was fast approaching. The legal work completed in February 2009. The freeholder’s fees were restricted to slightly above 550 pounds.

Sonning Common case:

Last Winter we were approach by Mr and Mrs. I Vincent , who bought a one bedroom apartment in Sonning Common in September 2011. We are asked if we could estimate the compensation to the landlord could be to extend the lease by ninety years. Similar homes in Sonning Common with a long lease were in the region of £285,000. The mid-range amount of ground rent was £45 invoiced yearly. The lease ran out in 2097. Having 71 years outstanding we estimated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 plus costs.

Sonning Common case:

Last Winter we were phoned by Mr and Mrs. L Leroy , who took over the lease of a ground floor apartment in Sonning Common in September 1996. We are asked if we could estimate the premium would likely be for a ninety year lease extension. Comparable residencies in Sonning Common with 100 year plus lease were worth £225,800. The average ground rent payable was £60 invoiced yearly. The lease ended in 2086. Considering the 60 years left we estimated the compensation to the freeholder to extend the lease to be between £23,800 and £27,400 plus legals.