Top reasons for Sunningdale lease extension

Why you should commence your Sunningdale lease extension today:

Increase your lease and increase your Sunningdale property value

The market value of Sunningdale leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate significantly once the unexpired lease term is less than 80 years

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

It is conventional wisdom that a property with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Banks and Building Societies may not grant a mortgage with a short lease

The propensity since over the last decade has been for banks to tighten lending requirements across the board - this has extended to the types of security over which the mortgage is to be granted. This has resulted in the unexpired lease term required by lenders has increased. Historically banks would grant a mortgage on a lease with 25 years plus the term of the loan - routinely fifty year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many use a minimum term of 75 years as standard.

Why use us for your lease extension in Sunningdale?

The lawyers that we work with procure Sunningdale lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Sunningdale Lease Extension Case Summaries:

Mollie, Sunningdale, Berkshire,

Following protracted negotiations with the freeholder of her garden apartment in Sunningdale, Mollie commenced the lease extension process just as her lease was nearing the critical 80-year mark. The transaction was finalised in May 2007. The freeholder’s fees were restricted to approximately 550 GBP.

Sunningdale case:

Last Autumn we were contacted by Mr and Mrs. M Roux , who moved into a basement apartment in Sunningdale in June 2008. We are asked if we could shed any light on how much (approximately) price would likely be for a ninety year extension to my lease. Comparable homes in Sunningdale with 100 year plus lease were in the region of £210,600. The average ground rent payable was £45 billed yearly. The lease elapsed in 2088. Given that there were 62 years remaining we approximated the compensation to the freeholder for the lease extension to be between £18,100 and £20,800 plus professional charges.

Sunningdale case:

Mr Ryan Adams took over the lease of a garden apartment in Sunningdale in October 2012. We are asked if we could shed any light on how much (approximately) premium would be for a 90 year lease extension. Comparative properties in Sunningdale with an extended lease were in the region of £265,000. The average amount of ground rent was £50 invoiced yearly. The lease came to a finish on 22 July 2099. Taking into account 73 years left we approximated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 not including costs.