Top reasons for Sipson lease extension

Main reasons to commence your Sipson lease extension today:

A Sipson lease depreciates with the years remaining on the lease.

Sipson leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. It is the case that most Sipson tenants have the right to extend their lease by an additional ninety years in accordance with the 1993 Leasehold Reform Act. Where you are a leasehold owner in Sipson you would be well advised to see if your lease has between 70 and 90 years remaining. There are compelling reasons why a Sipson flat owner with a lease having around 80 years remaining should take steps to ensure that a lease extension is effected without delay

An extended lease has roughly the same value as a freehold

It is generally considered that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years left, the premises will be worth the same as a freehold for decades to come.

Mortgage lenders may not loan monies with a short lease

Nearly all mortgage lenders require a lengthy amount of time remaining on a leasehold residence before they will consider it as adequate security. Regardless of whether you require a mortgage, you should be conscious that it is reasonable to assume that someone wanting to acquire your property in the future might well do, so in the event that they can't secure a mortgage, then the value of your property will likely suffer. In the last decade many mortgage lenders have increased the required minimum lease length that they are prepared to accept

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

Regardless of whether you are a tenant or a freeholder 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 Studies:

Kirsty, Sipson, West London,

Trailing lengthy discussions with the landlord of her leasehold apartment in Sipson, Kirsty initiated the lease extension process as the eighty year mark was swiftly coming. The lease extension was concluded in February 2008. The freeholder’s charges were kept to an absolute minimum.

Sipson case:

In 2012 we were phoned by Ms Hollie Hernández who, having took over the lease of a ground floor apartment in Sipson in June 2010. We are asked if we could shed any light on how much (approximately) premium would likely be for a 90 year lease extension. Comparative premises in Sipson with an extended lease were valued about £265,000. The average ground rent payable was £50 collected monthly. The lease expired in 2098. Taking into account 73 years as a residual term we approximated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 plus fees.