Why you should start your Sunningdale lease extension
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<h3> Top reasons for lease extension now:
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Increase your lease and increase your <a href="http://www.lendermonitor.com/conveyancing/loc/sunningdale">Sunningdale</a> property value </h4>
<p> There is no doubt about it a leasehold property in Sunningdale is a wasting asset as a result of the shortening lease. If the residual term has, over 100 years to run then this decrease may be of little impact nevertheless there will become a stage when a lease has fewer than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should consider extending sooner rather than later. The majority of flat owners in Sunningdale will meet the qualifying criteria; that being said a lawyer should be able to confirm whether you are eligible to extend your lease. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
<h4>An extended lease is almost the same value as a freehold</h4>
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Leasehold residencies in Sunningdale with over one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges justify it. <h4>Banks and Building Societies may decide not to grant a mortgage with a short lease</h4> Almost all mortgage lenders insist on a lengthy amount of time remaining on a leasehold residence before they will contemplate it as adequate security. Even if you don't need a mortgage, you should keep in mind that it is probable that someone wishing to purchase your property in the future might well do, so where they can't secure a mortgage, then the value of your property will likely be adversely impacted. Since 2008 most banks and building societies have increased the required minimum lease length that they are willing to lend on <p>
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<tr><th>Lender</th>
<th> Requirement
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<td>Chelsea Building Society</td>
<td> 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
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<td>National Westminster Bank</td>
<td> Mortgage term plus 30 years.<br /><br />For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage.
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<td>Santander</td>
<td> You must report the unexpired lease term to us and await our instructions if: <br />1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or<br />2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or<br />3. no valuation report is provided<br />However, we will not accept a lease where on expiry of the mortgage:<br />(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or<br />(ii) less than 30 years remain and the loan is repaid on a capital and interest basis<br /><br />We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
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<td>Skipton Building Society</td>
<td> 85 years from the date of completion of the mortgage<br /><br />For Buy to Let cases:<br />- lettings must not breach any of the lessee’s covenants; and<br />- consent of the lessor to lettings must be obtained if necessary
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<td>Virgin</td>
<td> 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
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Why use us for your lease extension in Sunningdale? </h4>
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Lease extensions in Sunningdale can be a difficult process. We recommend you secure guidance from a lawyer and valuer well versed in the legislation and lease extension process.
<p>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.
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Sunningdale Lease Extension Case Studies:
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<h5> Jason, Sunningdale, Berkshire,</h5>
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Jason owned a 2 bedroom apartment in Sunningdale on the market with a lease of just over 61 years remaining. Jason on an informal basis spoke with his landlord being a well known Bristol-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £125 yearly. Ordinarily, ground rent would not be payable on a lease extension were Jason to exercise his statutory right. Jason obtained expert legal guidance and secured satisfactory resolution without going to tribunal and readily saleable.
<h5>Sunningdale case:</h5>
<p> Mr and Mrs. S Wilson bought a newly refurbished flat in Sunningdale in April 2011. The question was if we could shed any light on how much (approximately) price would likely be to extend the lease by an additional years. Comparative residencies in Sunningdale with an extended lease were worth £200,800. The mid-range ground rent payable was £65 billed every twelve months. The lease ran out on 24 November 2086. Having 60 years left we approximated the compensation to the landlord to extend the lease to be between £20,900 and £24,200 not including legals.
<h5>Sunningdale case:</h5>
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In 2009 we were called by Dr Noah King who, having bought a one bedroom flat in Sunningdale in November 2002. The dilemma was if we could approximate the compensation to the landlord would likely be to prolong the lease by 90 years. Comparative properties in Sunningdale with 100 year plus lease were valued around £255,000. The mid-range amount of ground rent was £50 invoiced monthly. The lease elapsed in 2097. Considering the 71 years outstanding we approximated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 not including costs.
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