Why you should commence your Sunbury On Thames lease extension

Top reasons for lease extension now:

A Sunbury On Thames leasehold property depreciates with the years remaining on the lease.

When it comes to residential leasehold property in Sunbury On Thames, you are actually buying an entitlement to live in a property for a set period of time. These days flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you may think about extending the lease sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly particularly once there are fewer than 80 years remaining. Anyone in Sunbury On Thames with a lease approaching 81 years remaining should seriously consider extending it sooner than later. Once the lease term has below 80 years remaining, under the relevant Act the landlord can calculate and levy a greater amount, assessed on a technical multiplication, known as “marriage value” which is payable.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years left, the premises will be worth the same as a freehold for many years in the future.

Lenders will not loan monies on a short lease

Banks and building societies are making their criteria more stringent and a meaningful number now expect flats to have at least sixty if not seventy years left once the mortgage has expired. As many flats in Sunbury On Thames were created in the fifties, sixties and seventies as a result many now require lease extensions if they if they are to be mortgageable.

Get in touch with one of our Sunbury On Thames lease extension solicitors or enfranchisement solicitors

Lease extensions in Sunbury On Thames can be a difficult process. We recommend you get guidance from a conveyancer and valuer well versed in the legislation and lease extension process.

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 a wealth of experience dealing with Sunbury On Thames lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Sunbury On Thames Lease Extension Case Summaries:

Finn, Sunbury On Thames, Surrey

Last October Finn, came precariously close to the 80-year mark with the lease on his studio apartment in Sunbury On Thames. Having bought his property twenty years ago, the lease term was of little significance. by good luck, it dawned on him that he would soon be paying an escalated premium for Extending the lease. Finn extended the lease just under the wire last June. Finn and the landlord who owned the flat above eventually agreed on an amount of £5,500 . If the lease had slid below eighty years, the price would have gone up by a minimum £1,000.

Sunbury On Thames case:

In 2011 we were called by Mr Evan Wood who, having acquired a one bedroom flat in Sunbury On Thames in November 1998. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year extension to my lease. Similar properties in Sunbury On Thames with a long lease were in the region of £250,000. The mid-range ground rent payable was £50 billed yearly. The lease expired in 2095. Given that there were 69 years remaining we approximated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of professional charges.