Main reasons to start your Sunninghill lease extension

Why you should commence your Sunninghill lease extension today:

Increase your lease and increase your Sunninghill property value

Sunninghill leases on domestic deteriorating in value. if your lease has approximately 90 years unexpired, you should start thinking about a lease extension. An important point to note is that it is desirable for the lease extension to take place before the term of the existing lease falls below 80 years - otherwise a higher amount will be payable. Flat owners in Sunninghill will mostly be legally entitled to a lease extension; however it’s a good idea to check with a lawyer to check if you qualify. In certain circumstances you may not be entitled. There are prescribed deadlines and formalities to follow once the process has commenced so it’s sensible to be guided by a conveyancing solicitor during the process.

An extended lease is almost the same value as a freehold

It is generally accepted that a property with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the premises will be equivalent in value to a freehold for decades to come.

Lenders may decide not to loan monies on a short lease

Many mortgage lenders insist on a lengthy amount of time remaining on a leasehold property before they will consider it as adequate security. Even if you don't require a mortgage, you should bear in mind that it is likely that someone wanting to purchase your property in the future might well do, so where they can't get a mortgage, then the financial worth of the property will likely be adversely impacted. In the last decade many mortgage lenders have increased the required minimum lease length that they are prepared to grant a mortgage on

What makes us experts in Sunninghill lease extensions?

Using our service will provide you increased control over the value of your Sunninghill leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Sunninghill Lease Extension Case Studies:

Jade, Sunninghill, Berkshire,

Subsequent to unsuccessful negotiations with the landlord of her one bedroom flat in Sunninghill, Jade commenced the lease extension process just as the lease was nearing the crucial eighty-year threshold. The legal work was finalised in November 2009. The freeholder’s fees were restricted to a tad over 450 pounds.

Sunninghill case:

Last month we were e-mailed by Mr Jonathan Richardson , who owned a studio apartment in Sunninghill in November 2002. The question was if we could estimate the price would likely be for a 90 year lease extension. Identical homes in Sunninghill with an extended lease were in the region of £225,800. The mid-range amount of ground rent was £60 billed every twelve months. The lease ended on 1 August 2086. Given that there were 60 years unexpired we calculated the premium to the freeholder for the lease extension to be between £25,700 and £29,600 not including expenses.

Sunninghill case:

Last Christmas we were contacted by Dr I François , who took over the lease of a one bedroom apartment in Sunninghill in October 2006. The question was if we could estimate the premium would be for a ninety year lease extension. Comparative residencies in Sunninghill with an extended lease were worth £210,000. The mid-range amount of ground rent was £50 billed annually. The lease terminated in 2106. Having 80 years remaining we calculated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of expenses.