Stop! Your Lease Extension in Sipson Could Be FREE

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Many leaseholders in Sipson are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Sipson has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should start your Sipson lease extension

Main reasons to commence your Sipson lease extension today:

Increase your lease and increase your Sipson property value

The market value of Sipson leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate significantly once the remaining term is less than eighty years

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

Leasehold residencies in Sipson with more than 100 years outstanding on the lease are sometimes regarded as a ‘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 to be gained by buying the freehold unless savings on ground rent and service charges merit it.

Banks and Building Societies will not finance a property on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet mortgage lenders start to get jittery at around 75 years. This will be problematic when you need to sell or refinance your flat as it will be practically unmortgageable. Even though you might not have an imminent plan to sell but when you do your buyer will need to hold off for 2 years before being able to exercise the right to a an extension to the lease.

Lender Requirement
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Why use us for your lease extension in Sipson?

Lease extensions in Sipson can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and surveyor with experience in lease extensions.

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 Example Cases:

Kirsty, Sipson, West London,

In the wake of 9 months of unsuccessful correspondence with the freeholder of her ground floor apartment in Sipson, Kirsty started the lease extension process as the 80 year threshold was swiftly nearing. The lease extension was concluded in August 2007. The landlord’s charges were restricted to about 450 pounds.

Sipson case:

Last month we were e-mailed by Mrs Chantelle Sánchez , who took over the lease of a one bedroom apartment in Sipson in May 2005. The dilemma was if we could approximate the compensation to the landlord would be to extend the lease by an additional years. Comparative residencies in Sipson with an extended lease were valued about £235,200. The average amount of ground rent was £45 invoiced monthly. The lease elapsed on 9 May 2092. Taking into account 66 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 plus fees.

Decision in Hillingdon

An example of a Freehold Enfranchisement case for a Sipson premises is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case affected 2 flats. The remaining number of years on the lease was 69 years.