Stop! Your Lease Extension in Sutton Could Be FREE

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Many leaseholders in Sutton are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Sutton has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should commence your Sutton lease extension

Why you should commence your Sutton lease extension today:

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

Sutton residential property held on a long lease is a wasting asset because a leaseholder merely owns the property for a period of years.

Sutton property with a lease extension has roughly the same value as a freehold

Leasehold properties in Sutton with more than one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

Lending institutions may decide not to finance a property on a short lease

Banks and building societies are really clamping down as regards to properties in Sutton with short leases. For instance you may find that their lending requirements are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so if you wanted to sell, your only options would be to find a cash purchaser, or try your luck at auction thus narrowing your market.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Leeds Building Society 85 years remaining from the start of the mortgage.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Why use us for your lease extension in Sutton?

Lease extensions in Sutton can be a difficult process. We recommend you get guidance from a lawyer and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Sutton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Sutton Lease Extension Case Summaries:

Omar, Sutton, South London

In 2014 Omar, came dangerously near to the eighty-year mark with the lease on his garden apartment in Sutton. Having bought his flat two decades ago, the unexpired term was of little concern. As luck would have it, he realised he needed to take steps soon on Extending the lease. Omar extended the lease just under the wire last May. Omar and the landlord ultimately settled on the final figure of £5,000 . If the lease had gone below eighty years, the amount would have gone up by at least £875.

Sutton case:

Last Autumn we were phoned by Mr and Mrs. W Lefebvre , who acquired a ground floor flat in Sutton in September 2010. We are asked if we could approximate the price would likely be for a ninety year extension to my lease. Comparative homes in Sutton with an extended lease were valued around £193,400. The mid-range ground rent payable was £65 collected yearly. The lease came to a finish in 2085. Taking into account 59 years unexpired we estimated the premium to the freeholder to extend the lease to be between £21,900 and £25,200 not including legals.

Decision in Sutton

An example of a Freehold Enfranchisement case for a Sutton property is Buchanan Court 39 Vernon Road in April 2010. the Tribunal assessed that the premium payable for the freehold of the block should be £44,000. This case related to 2 flats. The number of years remaining on the existing lease(s) was 66.67 years.