Why you should start your Sutton lease extension

Why you should commence your Sutton lease extension today:

Increase your lease and increase your Sutton property value

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

An extended lease is almost the same value as a freehold

Leasehold properties in Sutton with more than one hundred years outstanding 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 freehold unless savings on ground rent and estate charges merit it.

Lending institutions will not issue a mortgage with a short lease

Many mortgage companies insist on a lengthy amount of time remaining on any leasehold property before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should keep in mind that it is likely that someone intending to acquire your property in the future might well do, so where they can't get a mortgage, then the market price of the property could suffer. Since 2008 many banks and building societies have increased the required minimum lease length that they are prepared to accept

Get in touch with one of our Sutton lease extension solicitors or enfranchisement solicitors

Lease extensions in Sutton can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and valuer with experience in lease extensions.

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 Example Cases:

Millie, Sutton, South London,

Following protracted negotiations with the freeholder of her garden flat in Sutton, Millie initiated the lease extension process as the eighty year threshold was rapidly coming. The lease extension completed in January 2013. The freeholder’s costs were kept to an absolute minimum.

Sutton case:

Mr and Mrs. B Ali acquired a garden flat in Sutton in March 2011. The dilemma was if we could estimate the premium would likely be to prolong the lease by an additional years. Comparative properties in Sutton with an extended lease were in the region of £285,000. The mid-range amount of ground rent was £55 collected monthly. The lease finished on 21 February 2105. Having 79 years remaining we approximated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 not including expenses.