Top reasons for Sunningdale lease extension

Top reasons for lease extension now:

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

When it comes to domestic leasehold property in Sunningdale, you are in fact renting it for a certain amount of time. In recent years flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you should consider a lease extension sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease becomes disproportionately greater especially once there are fewer than eighty years left. Residents in Sunningdale with a lease approaching 81 years remaining should seriously think of extending it sooner as opposed to later. Once the lease term has under eighty years outstanding, under the relevant statute the landlord is entitled to calculate and levy a greater amount, assessed on a technical multiplication, strangely termed as “marriage value” which is due.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Sunningdale with in excess of 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges warrant it.

Banks and Building Societies may decide not to issue a mortgage with a short lease

Banks and building societies do not grant a mortgage on short residential leases. You are likely to experience difficulties if you want to sell your flat in Sunningdale if the unexpired term of your lease is below the criteria set by most banks and building societies. Different mortgage companies have different criteria but generally theyrequire an unexpired term of at least 65 years.

What makes us experts in Sunningdale lease extensions?

Irrespective of whether you are a tenant or a freeholder in Sunningdale,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Sunningdale valuers.

Sunningdale Lease Extension Case Studies:

Aimee, Sunningdale, Berkshire,

Following lengthy correspondence with the freeholder of her garden flat in Sunningdale, Aimee started the lease extension process as the eighty year mark was fast approaching. The legal work was concluded in July 2011. The freeholder’s charges were restricted to under 700 GBP.

Sunningdale case:

Last month we were approach by Mr and Mrs. K Hall , who purchased a one bedroom flat in Sunningdale in April 2001. We are asked if we could shed any light on how much (roughly) price would be for a 90 year extension to my lease. Similar premises in Sunningdale with 100 year plus lease were worth £280,000. The mid-range amount of ground rent was £55 billed yearly. The lease ended on 16 November 2104. Considering the 78 years as a residual term we estimated the premium to the landlord to extend the lease to be within £13,300 and £15,400 plus costs.

Sunningdale case:

Last Winter we were contacted by Mr Samuel Evans , who completed a newly refurbished flat in Sunningdale in August 1997. The dilemma was if we could approximate the compensation to the landlord could be for a ninety year lease extension. Comparable properties in Sunningdale with an extended lease were worth £191,000. The mid-range ground rent payable was £65 billed annually. The lease finished in 2084. Having 58 years left we estimated the premium to the landlord to extend the lease to be within £23,800 and £27,400 exclusive of expenses.