Top reasons for Sunningdale lease extension

Main reasons to commence your Sunningdale lease extension today:

A Sunningdale leasehold property depreciates with the years remaining on the lease.

With a long leasehold premises in Sunningdale, you are actually buying a right to live in a property for a set period of time. Modern flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you should think about a lease extension sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly especially once there are fewer than 80 years left. Leasehold owners in Sunningdale with a lease approaching 81 years unexpired should seriously consider extending it sooner rather than later. When the lease term has below 80 years outstanding, under the relevant statute the landlord can calculate and charge a greater amount, assessed on a technical computation, strangely termed as “marriage value” which is payable.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years left, the residence will be equivalent in value to a freehold for decades to come.

Mortgage lenders may not lend with a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet lending institutions start to get concerned at around 75 years. This may be problematic as and when you come to dispose of or remortgage your flat as it will be effectively unmortgageable. You may have no immediate desire to sell but when you do your buyer must wait 2 years before being able to exercise the right to a an extension to the lease.

What makes us experts in Sunningdale lease extensions?

The conveyancers that we work with handle 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 Example Cases:

Jennifer, Sunningdale, Berkshire,

Off the back of unsuccessful negotiations with the freeholder of her leasehold flat in Sunningdale, Jennifer started the lease extension process just as her lease was nearing the all-important eighty-year mark. The lease extension was finalised in August 2013. The landlord’s charges were kept to an absolute minimum.

Sunningdale case:

In 2011 we were contacted by Mrs Ashleigh Clarke who, having acquired a first floor flat in Sunningdale in February 1998. The dilemma was if we could estimate the price would be to prolong the lease by 90 years. Similar flats in Sunningdale with an extended lease were in the region of £235,200. The average ground rent payable was £45 invoiced monthly. The lease ended in 2092. Having 66 years remaining we estimated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 plus fees.

Sunningdale case:

Dr Ali Turner completed a ground floor apartment in Sunningdale in July 1999. The dilemma was if we could estimate the price would be for a 90 year extension to my lease. Identical residencies in Sunningdale with 100 year plus lease were worth £280,000. The average ground rent payable was £55 invoiced quarterly. The lease termination date was on 27 July 2103. Considering the 77 years left we calculated the compensation to the freeholder to extend the lease to be within £13,300 and £15,400 not including expenses.