Why you should start your Sipson lease extension

Top reasons for lease extension now:

Increase your lease and increase your Sipson property value

The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Sipson have the right to extend the lease for a further ninety years under the 1993 Leasehold Reform Act. Please think carefully before delaying your Sipson lease extension. Putting off that expense now simply increases the amount you will eventually be required to pay to extend the lease.

An extended lease is almost the same value as a freehold

Leasehold properties in Sipson with more than 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges warrant it.

Banks and Building Societies may not lend with a short lease

Nearly all mortgage lenders will not lend on a lease with under seventy years unexpired - although this varies between mortgage companies. A buyer will undoubtedly find it difficult to obtain a mortgage and this will result in your Sipson property being difficult to sell or to obtain finance on.

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

Retaining our service will provide you enhanced control over the value of your Sipson leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Sipson Lease Extension Example Cases:

George, Sipson, West London

In 2014 George, came perilously near to the eighty-year threshold with the lease on his ground floor apartment in Sipson. In buying his flat two decades ago, the length of the lease was of no concern. by good luck, it dawned on him that he needed to take steps soon on Extending the lease. George was able to extend his lease just ahead of time in May. George and the landlord who owned the flat above ultimately settled on sum of £5,500 . If the lease had dipped to less than 80 years, the figure would have gone up by a minimum £900.

Sipson case:

In 2010 we were e-mailed by Dr Jodie Lefebvre who, having moved into a first floor apartment in Sipson in May 2012. The dilemma was if we could estimate the price would likely be to prolong the lease by ninety years. Identical flats in Sipson with a long lease were in the region of £275,000. The mid-range ground rent payable was £55 billed annually. The lease lapsed in 2102. Considering the 76 years left we calculated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 plus expenses.