Why you should commence your Sunderland lease extension

Top reasons for lease extension now:

A Sunderland leasehold property depreciates with the years remaining on the lease.

The closer a residential lease in Sunderland gets to zero years unexpired, the more it reduces the value of the property. If the residual term has, more than 125 years remaining then this decrease may be negligible that being said there will become a stage when a lease has less than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the main logic behind why you should consider extending without delay. Most flat owners in Sunderland will meet the qualifying criteria; that being said a lawyer can confirm whether you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

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

It is generally considered that a property with more than 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Banks and Building Societies will not grant a mortgage on a short lease

Almost all banks and building societies insist on a lengthy amount of time remaining on a leasehold property before they will contemplate it as adequate security. Even if you don't require a mortgage, you should bear in mind that it is likely that someone intending to acquire your property in the future might well do, so if they can't secure a mortgage, then the value of the property will likely suffer. In the last decade many banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

Why use us for your lease extension in Sunderland?

Lease extensions in Sunderland can be a difficult process. We recommend you get guidance from a lawyer and valuer with experience in lease extensions.

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 in-depth market knowledge dealing with Sunderland lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Sunderland Lease Extension Example Cases:

Eliot, Sunderland, Tyne And Wear,

Eliot owned a high value apartment in Sunderland on the market with a lease of just over sixty years remaining. Eliot informally spoke with his freeholder being a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent to start with set at £100 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Eliot to invoke his statutory right. Eliot procured expert advice and secured an acceptable deal informally and sell the property.

Sunderland case:

Dr George Díaz acquired a one bedroom flat in Sunderland in October 2004. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparative residencies in Sunderland with an extended lease were in the region of £243,000. The mid-range amount of ground rent was £65 collected quarterly. The lease concluded in 2089. Given that there were 63 years left we calculated the premium to the landlord for the lease extension to be between £20,000 and £23,000 exclusive of legals.

Sunderland case:

Last Spring we were e-mailed by Dr Madeleine White , who was assigned a lease of a purpose-built flat in Sunderland in March 2006. The dilemma was if we could approximate the price would likely be for a ninety year lease extension. Similar properties in Sunderland with an extended lease were worth £181,600. The mid-range ground rent payable was £55 invoiced per annum. The lease concluded in 2078. Having 52 years unexpired we estimated the premium to the freeholder for the lease extension to be within £30,400 and £35,200 plus expenses.