Top reasons for Sipson lease extension

Top reasons for lease extension now:

Increase your lease and increase your Sipson property value

Chances are that where you own a flat in Sipson you actually own a long leasehold interest over your property

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

Leasehold properties in Sipson with in excess of one hundred years left 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 buying the reversionary interest unless savings on ground rent and service charges warrant it.

Mortgage lenders may not finance a property on a short lease

Lenders are making their criteria more stringent and many now require flats to have at least sixty if not seventy years remaining once the mortgage has expired. Considering many flats in Sipson were built in the 1950s, 1960s and 1970s this means many now require lease extensions if they wish to get a mortgage.

Why use us for your lease extension in Sipson?

Lease extensions in Sipson can be a difficult process. We recommend you obtain professional help from a lawyer and surveyor with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Sipson lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Sipson Lease Extension Case Studies:

Kian, Sipson, West London

Last October Kian, came dangerously near to the 80-year threshold with the lease on his leasehold apartment in Sipson. In buying his home two decades ago, the unexpired term was of no relevance. Thankfully, it dawned on him that he needed to take steps soon on a lease extension. Kian extended the lease at the eleventh hour last March. Kian and the landlord subsequently settled on the final figure of £5,500 . If he not met the deadline, the price would have increased by at least £900.

Sipson case:

In 2009 we were approached by Dr Austin Moreau who, having was assigned a lease of a basement apartment in Sipson in May 2009. The question was if we could estimate the premium would be for a ninety year lease extension. Identical homes in Sipson with 100 year plus lease were valued around £260,000. The average amount of ground rent was £50 billed annually. The lease elapsed on 21 April 2098. Taking into account 72 years unexpired we calculated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus professional charges.