Main reasons to commence your South Sutton lease extension

Main reasons to start your South Sutton lease extension today:

A South Sutton leasehold property depreciates with the years remaining on the lease.

There is no doubt about it a leasehold flat or house in South Sutton is a wasting asset as a result of the shortening lease. Where the lease has, more than 99 years to run then this decrease may be negligible nevertheless there will become a point in time when a lease has fewer than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary rational as to why you should extend the lease sooner as opposed to later. Most flat owners in South Sutton will qualify for this right; that being said a lawyer will be able to confirm whether you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

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

Leasehold premises in South Sutton with over 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.

Lending institutions will not lend with a short lease

Lenders are really clamping down as regards to homes in South Sutton with short leases. For instance you might discover that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you needed to sell, your only options would be to find a cash buyer, or hope for the best at auction thus narrowing your market.

Get in touch with one of our South Sutton lease extension solicitors or enfranchisement solicitors

Using our service gives you enhanced control over the value of your South Sutton leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

South Sutton Lease Extension Example Cases:

Jennifer, South Sutton, Surrey,

In the wake of 9 months of unsuccessful correspondence with the landlord of her one bedroom apartment in South Sutton, Jennifer started the lease extension process as the eighty year mark was rapidly coming. The lease extension was concluded in June 2006. The freeholder’s costs were kept to an absolute minimum.

South Sutton case:

Mr and Mrs. Y Gray bought a first floor apartment in South Sutton in July 2001. The dilemma was if we could approximate the price could be to prolong the lease by an additional years. Similar properties in South Sutton with 100 year plus lease were worth £183,600. The mid-range ground rent payable was £65 collected every twelve months. The lease lapsed in 2083. Given that there were 57 years remaining we estimated the premium to the landlord to extend the lease to be within £28,500 and £33,000 plus costs.

South Sutton case:

Dr G Cooper owned a garden apartment in South Sutton in July 2004. We are asked if we could shed any light on how much (approximately) premium would likely be for a ninety year lease extension. Identical properties in South Sutton with 100 year plus lease were valued about £245,000. The average ground rent payable was £50 collected monthly. The lease expired in 2094. Considering the 68 years left we estimated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 not including fees.