Why you should start your Sipson lease extension

Why you should start your Sipson lease extension today:

Increase your lease and increase your Sipson property value

Sipson leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. Legislation has been in place for sometime now which entitles qualifying Sipson residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Sipson you would be well advised to check if your lease has between seventy and 90 years left. There are compelling reasons why a Sipson flat owner with a lease having around 80 years left should take steps to ensure that a lease extension is actioned without delay

Sipson property with a lease extension is almost the same value as a freehold

Leasehold premises in Sipson with in excess of 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.

Banks and Building Societies may not finance a property with a short lease

Lenders are inclined not lend on short residential leases. You are likely to experience problems where you wish to sell your flat in Sipson if the remaining lease term is below the criteria set by most mortgage companies. Different lenders have varying requirements but on the whole theyrequire a minimum remaining lease term of seventy years.

Why use us for your lease extension in Sipson?

Irrespective of whether you are a tenant or a landlord in Sipson,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Sipson valuers.

Sipson Lease Extension Case Summaries:

Isaac, Sipson, West London

18 months ago Isaac, came dangerously near to the 80-year mark with the lease on his ground floor flat in Sipson. In buying his home two decades ago, the unexpired term was of minimal concern. Fortunately, he became aware that he needed to take action soon on a lease extension. Isaac was able to extend his lease just in the nick of time in April. Isaac and the freeholder via the management company in the end settled on an amount of £5,000 . If the lease had fallen to less than 80 years, the figure would have increased by at least £950.

Sipson case:

In 2013 we were called by Dr Maisie Adams who, having took over the lease of a recently refurbished flat in Sipson in October 2012. The dilemma was if we could approximate the price would likely be for a ninety year lease extension. Similar homes in Sipson with a long lease were valued around £208,200. The mid-range ground rent payable was £65 collected every twelve months. The lease ran out in 2087. Having 61 years unexpired we estimated the premium to the freeholder for the lease extension to be within £20,000 and £23,000 not including expenses.