The re-sale value of a leasehold property in Sunbury On Thames is impacted by how long the lease has remaining. If it is near to or fewer than 80 years you should foresee problems on re-sale, so it is advisable to arrange for the lease to be extended prior to buying. It is preferable to start the lease extension process when the lease still has 82 years remaining so that all matters can be concluded prior to the 80 year mark. Current legislation enables Sunbury On Thames qualifying lessees to a 90 year extension added to their unexpired lease term (ie if your lease has fifty years left the statutory lease extension will provide a new term of 140 years). The intention of the valuation is to determine the premium payable by the lessee to the freeholder for the acquisition of the lease extension.
It is generally accepted that a property with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Skipton Building Society | |
| TSB | |
| The Mortgage Works | |
| Virgin |
The conveyancers that we work with undertake Sunbury On Thames 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 conveyancer we work with provide it.
Last year Rory, came seriously close to the 80-year threshold with the lease on his one bedroom apartment in Sunbury On Thames. Having purchased his flat two decades ago, the unexpired term was of little significance. by good luck, it dawned on him that he would imminently be paying way over the odds for a lease extension. Rory arranged for a lease extension just ahead of time in August. Rory and the freeholder via the management company ultimately agreed on sum of £5,000 . If he not met the deadline, the amount would have increased by a minimum £925.
Last Summer we were phoned by Dr C Ward , who bought a one bedroom flat in Sunbury On Thames in March 2009. We are asked if we could shed any light on how much (approximately) price could be to prolong the lease by an additional years. Comparative homes in Sunbury On Thames with a long lease were valued about £183,600. The average amount of ground rent was £65 billed yearly. The lease ran out on 26 April 2083. Given that there were 57 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £28,500 and £33,000 not including legals.
An example of a Lease Extension case for a Sunbury On Thames residence is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case affected 1 flat. The unexpired lease term was 82.93 years.