Main reasons to commence your Sutton On Sea lease extension

Why you should commence your Sutton On Sea lease extension today:

Increase your lease and increase your Sutton On Sea property value

On the balance of probabilities if you own a flat in Sutton On Sea you actually own a long leasehold interest over your property

Sutton On Sea property with a lease extension is almost the same value as a freehold

Leasehold properties in Sutton On Sea with in excess of one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Lenders may not finance a property on a short lease

Most high street banks are making their criteria more stringent and a meaningful number now want flats to have a minimum of sixty if not seventy years left at the end of the mortgage. Given that many flats in Sutton On Sea were created in the 1950s, 1960s and 1970s as a result many now need to be extended if they wish to obtain a mortgage.

Why use us for your lease extension in Sutton On Sea?

The conveyancers that we work with procure Sutton On Sea 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 conveyancing solicitor we work with provide it.

Sutton On Sea Lease Extension Case Studies:

Katherine, Sutton On Sea, Lincolnshire,

Trailing lengthy discussions with the landlord of her purpose-built apartment in Sutton On Sea, Katherine commenced the lease extension process just as the lease was coming close to the critical eighty-year threshold. The lease extension completed in March 2013. The freeholder’s costs were negotiated to below four hundred pounds.

Sutton On Sea case:

Mr Lewis Gray completed a one bedroom apartment in Sutton On Sea in June 2009. The dilemma was if we could approximate the premium would likely be for a 90 year extension to my lease. Comparative premises in Sutton On Sea with a long lease were worth £205,000. The average amount of ground rent was £50 billed annually. The lease finished in 2105. Having 79 years outstanding we estimated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 exclusive of costs.

Sutton On Sea case:

Mr and Mrs. D Morgan was assigned a lease of a studio flat in Sutton On Sea in February 1998. The question was if we could estimate the premium would likely be for a 90 year lease extension. Comparative properties in Sutton On Sea with an extended lease were in the region of £275,000. The average amount of ground rent was £65 billed per annum. The lease concluded in 2094. Having 68 years outstanding we estimated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 plus legals.