Top reasons for Sanderstead lease extension

Top reasons for lease extension now:

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

The basic rule is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Sanderstead may extend the lease for a further ninety years under legislation. Do give careful consideration before delaying your Sanderstead lease extension. Putting off the costs today simply increases the amount you will eventually be required to pay for a lease extension.

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

Leasehold properties in Sanderstead with over 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.

Mortgage lenders may decide not to finance a property with a short lease

Mortgage Lenders are distinct in their lending requirements. Some set the bar at 75 years outstanding on the lease; others may be content with anything in excess seventy years. Below sixty years, it may be challenging to get a mortgage in the first place.

Why use us for your lease extension in Sanderstead?

Using our service gives you better control over the value of your Sanderstead leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Sanderstead Lease Extension Case Summaries:

Chloe, Sanderstead, South London,

In the wake of 9 months of unsuccessful discussions with the freeholder of her first floor flat in Sanderstead, Chloe commenced the lease extension process as the eighty year deadline was swiftly approaching. The lease extension was finalised in February 2006. The landlord’s costs were kept to an absolute minimum.

Sanderstead case:

Mr and Mrs. L David completed a purpose-built apartment in Sanderstead in March 1999. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparative premises in Sanderstead with 100 year plus lease were in the region of £275,000. The mid-range amount of ground rent was £45 collected per annum. The lease lapsed on 7 May 2094. Having 69 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of fees.