Why you should start your Sutton lease extension

Why you should start your Sutton lease extension today:

Increase your lease and increase your Sutton property value

The closer a domestic lease in Sutton gets to zero years unexpired, the more it reduces the value of the property. If the lease has, over one hundred years to run then this decrease may be of little impact that being said there will become a point in time when a lease has under than eighty years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should extend the lease sooner rather than later. Many flat owners in Sutton will meet the qualifying criteria; that being said a conveyancing solicitor will be able to confirm whether you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.

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

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

Mortgage lenders may not finance a property on a short lease

Banks and building societies are inclined not lend on short residential leases. You most probably encounter problems if you need to sell your flat in Sutton if the remaining lease term is below the criteria set by the majority of mortgage companies. Different mortgage companies have varying requirements but in the main they are looking for a minimum remaining lease term of seventy years.

Why use us for your lease extension in Sutton?

The conveyancers 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 conveyancer we work with provide it.

Sutton Lease Extension Example Cases:

Matthew, Sutton, South London

Half a year ago Matthew, came precariously near to the 80-year mark with the lease on his ground floor apartment in Sutton. Having purchased his home twenty years ago, the lease term was of little significance. by good luck, he became aware that he would soon be paying an inflated amount for Extending the lease. Matthew arranged for a lease extension just under the wire in July. Matthew and the freeholder subsequently agreed on sum of £5,000 . If the lease had slipped to less than eighty years, the figure would have gone up by at least £1,075.

Sutton case:

Dr L Morris owned a first floor apartment in Sutton in June 2004. We are asked if we could approximate the price would be for a ninety year lease extension. Similar homes in Sutton with a long lease were valued around £255,000. The average amount of ground rent was £50 invoiced yearly. The lease finished on 12 October 2097. Given that there were 71 years outstanding we calculated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 not including fees.