Why you should start your Sutton lease extension

Top reasons for lease extension now:

Increase your lease and increase your Sutton property value

The only way is down when it comes to Sutton lease terms. Sutton flats that have a lease term lower than 80 years will de-escalate in market price at a rapid rate, and the cost of extending your lease will go up.

An extended lease is almost the same value as a freehold

Leasehold properties in Sutton with over one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges justify it.

Banks and Building Societies will not lend on a short lease

Why use us for your lease extension in Sutton?

The conveyancing solicitors that we work with undertake Sutton 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 Lease Extension Case Summaries:

Andrew, Sutton, South London,

Andrew was the the leasehold proprietor of a studio apartment in Sutton being sold with a lease of a few days over 72 years unexpired. Andrew on an informal basis spoke with his landlord a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent at the outset set at £200 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Andrew to invoke his statutory right. Andrew obtained expert legal guidance and secured satisfactory deal informally and sell the property.

Sutton case:

In 2012 we were contacted by Mr and Mrs. N Patel who, having was assigned a lease of a one bedroom flat in Sutton in October 1997. The question was if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Identical flats in Sutton with an extended lease were in the region of £270,000. The mid-range ground rent payable was £55 invoiced quarterly. The lease end date was on 28 July 2101. Taking into account 75 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 not including legals.