Main reasons to start your Sutton lease extension

Top reasons for lease extension now:

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

The market value of a leasehold property in Sutton depends on how many years the lease has left to run. If it is near to or fewer than eighty years you should envisage difficulties on re-sale, so it is recommended to arrange for a lease extension before buying. It is preferable to commence the process of extending the lease is when the lease still has 82 years remaining so that a lease extension can be finalised well before the eighty year mark. Leasehold Reform legislation enables Sutton qualifying lessees to obtain a new lease which will be for the current unexpired lease term plus a supplemental term of 90 years. The intention of the valuation is to determine the sum payable by the lessee to the freeholder for the purchase of the lease extension.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Sutton with more than one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Mortgage lenders may decide not to grant a mortgage with a short lease

Banks and building societies vary in their lending criteria. Some draw the line at seventy five years remaining on the lease; others may be content with anything with more than seventy years. Below 60 years, it may be impossible to obtain a mortgage in the first place.

Why use us for your lease extension in Sutton?

Lease extensions in Sutton can be a difficult process. We recommend you procure guidance from a lawyer and surveyor 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 a wealth of experience 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 Example Cases:

Sian, Sutton, South London,

Subsequent to protracted negotiations with the freeholder of her one bedroom flat in Sutton, Sian initiated the lease extension process as the 80 year deadline was swiftly nearing. The legal work completed in September 2012. The landlord’s fees were negotiated to about 700 GBP.

Sutton case:

Dr B Bertrand was assigned a lease of a basement flat in Sutton in October 2011. The question was if we could approximate the premium would likely be to extend the lease by ninety years. Comparable flats in Sutton with a long lease were worth £242,600. The mid-range ground rent payable was £45 billed annually. The lease termination date was on 20 November 2093. Taking into account 67 years as a residual term we calculated the premium to the landlord to extend the lease to be between £11,400 and £13,200 plus legals.