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

Top reasons for lease extension now:

Increase your lease and increase your Sutton property value

Sutton leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Sutton residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Sutton you should investigate if your lease has between seventy and ninety years left. There are good reasons why a Sutton leaseholder with a lease having around eighty years unexpired should take action to make sure that a lease extension is actioned without delay

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

Leasehold premises in Sutton with in excess of one hundred years outstanding on the lease are often 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 purchasing the freehold unless savings on ground rent and service charges merit it.

Banks and Building Societies may decide not to grant a mortgage on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet lending institutions start to get concerned at around 75 years. This will cause difficulties once you need to dispose of or remortgage your flat as it will be practically unmortgageable. You might have no imminent plan to sell but when you do your purchaser will need to wait two years before being able to exercise the right to a a lease extension.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Santander

If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest.

You must report the unexpired lease term to us and await our instructions if: 
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided.
 


We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.

Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
Royal Bank of Scotland Mortgage term plus 30 years.

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 obtain professional help from a conveyancer and surveyor 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 a wealth of experience dealing with 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:

Emma, Sutton, South London,

Following lengthy negotiations with the freeholder of her first floor apartment in Sutton, Emma commenced the lease extension process just as the lease was nearing the crucial 80-year deadline. The legal work completed in May 2013. The freeholder’s costs were negotiated to a tad over five hundred pounds.

Sutton case:

Last Christmas we were e-mailed by Dr M François , who bought a studio apartment in Sutton in February 2007. We are asked if we could estimate the price would likely be to prolong the lease by an additional years. Comparable residencies in Sutton with 100 year plus lease were worth £173,800. The average ground rent payable was £60 billed annually. The lease came to a finish on 24 September 2081. Having 55 years left we estimated the premium to the freeholder to extend the lease to be between £31,400 and £36,200 plus legals.

Decision in Sutton

An example of a Freehold Enfranchisement decision for a Sutton premises 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 was in relation to 2 flats. The remaining number of years on the lease was 66.67 years.