Why you should start your Sutton On Sea lease extension

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

Increase your lease and increase your Sutton On Sea property value

The only way is down when it comes to Sutton On Sea lease terms. Sutton On Sea leaseholds that have a remaining term fewer than eighty years will reduce in value at a rapid rate, and the cost of extending your lease will increase.

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

It is generally accepted that a residential leasehold with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Lending institutions will not finance a property with a short lease

The trend since over the last decade has been for lenders to tighten lending criteria across the board - this has extended to the property over which the home loan is to be granted. This has meant the minimum number of years remaining under the lease required by lenders has increased. In the past mortgage companies were content with 25 years plus the term of the loan - typically fifty year leases but those requirements evolved by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

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

Retaining our service will provide you enhanced control over the value of your Sutton On Sea leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Sutton On Sea Lease Extension Example Cases:

Maisie, Sutton On Sea, Lincolnshire,

Following unsuccessful correspondence with the freeholder of her one bedroom flat in Sutton On Sea, Maisie initiated the lease extension process just as her lease was coming close to the all-important eighty-year mark. The lease extension was finalised in April 2013. The landlord’s charges were kept to an absolute minimum.

Sutton On Sea case:

Last Christmas we were contacted by Mr and Mrs. H Brooks , who moved into a basement flat in Sutton On Sea in May 2005. The dilemma was if we could shed any light on how much (approximately) price could be for a ninety year extension to my lease. Comparable residencies in Sutton On Sea with a long lease were valued about £267,600. The mid-range amount of ground rent was £65 collected quarterly. The lease terminated in 2093. Having 67 years outstanding we calculated the compensation to the landlord to extend the lease to be between £14,300 and £16,400 plus fees.

Sutton On Sea case:

Last Christmas we were phoned by Dr Olivia Bernard , who moved into a one bedroom flat in Sutton On Sea in February 2000. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year extension to my lease. Comparable homes in Sutton On Sea with an extended lease were worth £206,200. The average ground rent payable was £55 invoiced every twelve months. The lease end date was in 2082. Considering the 56 years unexpired we approximated the premium to the landlord for the lease extension to be between £31,400 and £36,200 not including expenses.