When it comes to long leasehold property in Sunningdale, you effectively rent it for a certain amount of time. These days flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you may consider extending the lease sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease becomes disproportionately greater notably when there are fewer than eighty years remaining. Anyone in Sunningdale with a lease approaching 81 years left should seriously think of extending it as soon as possible. Once a lease has under 80 years remaining, under the current Act the freeholder is entitled to calculate and levy a larger premium, assessed on a technical calculation, known as “marriage value” which is payable.
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 value the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Barnsley Building Society | |
| National Westminster Bank | |
| Santander |
Lease extensions in Sunningdale can be a difficult process. We recommend you get professional help from a lawyer 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 dealing with Sunningdale lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Oliver owned a high value apartment in Sunningdale being sold with a lease of a few days over fifty eight years unexpired. Oliver informally spoke with his freeholder being a well known London-based freehold company for a lease extension. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Oliver to exercise his statutory right. Oliver procured expert advice and was able to make an informed judgement and deal with the matter and readily saleable.
Ms K Robinson acquired a ground floor flat in Sunningdale in February 2010. The dilemma was if we could estimate the premium could be for a 90 year lease extension. Similar homes in Sunningdale with a long lease were valued around £255,000. The mid-range ground rent payable was £50 collected monthly. The lease expired in 2096. Given that there were 70 years unexpired we approximated the premium to the landlord to extend the lease to be between £10,500 and £12,000 exclusive of professional charges.
In 2011 we were contacted by Mr and Mrs. A Vincent who, having purchased a first floor apartment in Sunningdale in August 2004. We are asked if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Comparable premises in Sunningdale with an extended lease were valued around £246,800. The average ground rent payable was £60 collected monthly. The lease concluded in 2076. Taking into account 50 years unexpired we calculated the premium to the landlord for the lease extension to be between £44,700 and £51,600 not including expenses.