Why you should start your Sipson lease extension

Why you should commence your Sipson lease extension today:

Increase your lease and increase your Sipson property value

It’s a harsh truth that a Sipson residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the early years due to the deflation being disguised by increases in the Sipson property prices.Where your lease has approximately 90 years left, you need to start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips below eighty years - otherwise a higher premium will be payable. Most flat owners in Sipson will be able to extend under the legislation; however a conveyancer will be able to confirm whether you are eligibility. In some cases you may not qualify. There are also strict timetables and procedures to be adhered to once the process is initiated and you will need to be guided by your conveyancer throughout the process.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Lending institutions may not grant a mortgage with a short lease

Lenders do not like short residential leases. You are likely to experience problems where you need to sell your flat in Sipson if the unexpired term of your lease is under the criteria set by most mortgage companies. Different lenders have different criteria but in the main theyrequire a minimum remaining lease term of 65 years.

What makes us experts in Sipson lease extensions?

Regardless of whether you are a tenant or a freeholder in Sipson,the lease extension solicitors that we work with will always be willing 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 Example Cases:

Tia, Sipson, West London,

Subsequent to lengthy negotiations with the freeholder of her basement apartment in Sipson, Tia commenced the lease extension process as the eighty year deadline was quickly coming. The lease extension was finalised in January 2014. The freeholder’s fees were negotiated to less than 550 pounds.

Sipson case:

Last Autumn we were phoned by Dr A Rogers , who took over the lease of a recently refurbished flat in Sipson in February 2005. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by an additional years. Comparative residencies in Sipson with a long lease were worth £285,000. The mid-range ground rent payable was £55 billed per annum. The lease ran out on 25 October 2106. Taking into account 80 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 not including costs.