Main reasons to commence your Sutton on Trent lease extension

Main reasons to commence your Sutton on Trent lease extension today:

A Sutton on Trent lease depreciates with the years remaining on the lease.

Sutton on Trent leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. It is the case that most Sutton on Trent tenants have the right to extend their lease by an additional ninety years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Sutton on Trent you would be well advised to investigate if your lease has between 70 and ninety years remaining. In particular once the remaining lease term slips under eighty years, the cost of any lease extension sharply increases as an element of the premium you pay is what is known as a marriage value

An extended lease has roughly the same value as a freehold

Leasehold properties in Sutton on Trent with more than 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.

Banks and Building Societies may decide not to lend on a short lease

Why use us for your lease extension in Sutton on Trent?

Irrespective of whether you are a tenant or a landlord in Sutton on Trent,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Sutton on Trent valuers.

Sutton on Trent Lease Extension Example Cases:

Alisha, Sutton on Trent, Nottinghamshire,

Trailing unsuccessful correspondence with the freeholder of her purpose-built apartment in Sutton on Trent, Alisha initiated the lease extension process as the eighty year deadline was rapidly advancing. The lease extension was finalised in March 2014. The freeholder’s costs were kept to an absolute minimum.

Sutton on Trent case:

In 2014 we were called by Mr Evan Howard who, having bought a basement flat in Sutton on Trent in October 2005. We are asked if we could approximate the premium would likely be for a 90 year extension to my lease. Comparable flats in Sutton on Trent with 100 year plus lease were worth £233,200. The mid-range ground rent payable was £60 invoiced quarterly. The lease lapsed in 2087. Given that there were 61 years outstanding we calculated the premium to the landlord for the lease extension to be between £22,800 and £26,400 not including costs.

Sutton on Trent case:

Mr and Mrs. J Roux acquired a basement apartment in Sutton on Trent in January 1999. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year lease extension. Similar homes in Sutton on Trent with an extended lease were valued about £171,800. The average amount of ground rent was £55 billed monthly. The lease expiry date was in 2076. Given that there were 50 years unexpired we estimated the premium to the landlord for the lease extension to be between £33,300 and £38,400 plus costs.