Top reasons for Sunninghill lease extension

Why you should commence your Sunninghill lease extension today:

A Sunninghill lease depreciates with the years remaining on the lease.

The only way is down when it comes to Sunninghill lease terms. Sunninghill leaseholds that have a lease term fewer than 80 years will reduce in value at a rapid rate, and the cost to extend your lease will rise.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the premises will be equivalent in value to a freehold for decades to come.

Banks and Building Societies will not issue a mortgage with a short lease

Nearly all mortgage lenders require a lengthy amount of time left on any leasehold property before they will consider it as adequate security. Regardless of whether you need a mortgage, you should be conscious that it is probable that someone wanting to acquire your property in the future might well do, so in the event that they are not able to get a mortgage, then the value of your property will likely suffer. Since 2008 the majority of banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

Why use us for your lease extension in Sunninghill?

Retaining our service will provide you enhanced control over the value of your Sunninghill leasehold, as your property will be more valuable and saleable in relation to the 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.

Sunninghill Lease Extension Case Studies:

Daniel, Sunninghill, Berkshire

Half a year ago Daniel, started to get near to the eighty-year mark with the lease on his ground floor apartment in Sunninghill. In buying his property two decades ago, the lease term was of minimal concern. Luckily, he noticed he needed to take action soon on Extending the lease. Daniel was able to extend his lease at the eleventh hour in September. Daniel and the freeholder via the management company eventually settled on a premium of £5,500 . If he not met the deadline, the sum would have increased by a minimum £850.

Sunninghill case:

Dr W Lee bought a studio flat in Sunninghill in July 1998. The dilemma was if we could approximate the compensation to the landlord would be for a 90 year lease extension. Identical homes in Sunninghill with an extended lease were in the region of £285,000. The mid-range ground rent payable was £45 collected yearly. The lease came to a finish on 21 November 2098. Given that there were 72 years remaining we estimated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 plus professional charges.

Sunninghill case:

In 2012 we were phoned by Mrs O Petit who, having acquired a recently refurbished flat in Sunninghill in February 2004. The dilemma was if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Identical premises in Sunninghill with a long lease were worth £233,200. The mid-range amount of ground rent was £60 billed yearly. The lease terminated in 2087. Having 61 years unexpired we calculated the premium to the landlord to extend the lease to be between £22,800 and £26,400 plus legals.