The nearer a residential lease in Sunningdale gets to zero years unexpired, the the greater the reduction in the value of the property. Where the lease has, over 99 years to run then this decrease may be fractional nevertheless there will become a stage when a lease has less than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the main reason why you should consider extending without delay. The majority of flat owners in Sunningdale will qualify for this right; however a conveyancing solicitor can advise if you are eligible for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold properties in Sunningdale with over one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Sunningdale can be a difficult process. We recommend you obtain professional help from a conveyancer and valuer well versed in the legislation and lease extension process.
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 a wealth of experience procuring Sunningdale lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In 2014 Jamie, started to get close to the eighty-year threshold with the lease on his one bedroom flat in Sunningdale. In buying his home twenty years previously, the lease term was of minimal relevance. by good luck, he became aware that he would imminently be paying way over the odds for a lease extension. Jamie arranged for a lease extension just under the wire in April. Jamie and the freeholder via the managing agents subsequently agreed on the final figure of £6,000 . If the lease had slid to less than eighty years, the amount would have increased by at least £950.
In 2010 we were called by Dr B Ward who, having took over the lease of a purpose-built apartment in Sunningdale in May 2009. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by a further 90 years. Identical residencies in Sunningdale with 100 year plus lease were in the region of £218,000. The average amount of ground rent was £45 collected every twelve months. The lease ran out on 1 June 2089. Taking into account 63 years left we approximated the compensation to the landlord to extend the lease to be between £17,100 and £19,800 not including fees.
Mr and Mrs. U Laurent owned a one bedroom flat in Sunningdale in April 2000. We are asked if we could shed any light on how much (approximately) premium could be for a ninety year extension to my lease. Comparative properties in Sunningdale with a long lease were valued around £270,000. The mid-range ground rent payable was £55 billed every twelve months. The lease terminated on 4 October 2100. Given that there were 74 years remaining we approximated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of legals.