Top reasons for Cookham lease extension

Why you should start your Cookham lease extension today:

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

Cookham leases on residential properties are gradually losing value. Where your lease has in the region of ninety years unexpired, you should start considering the need for a lease extension. 80 years is a significant number: when the unexpired term of a lease drops below this level then you start incurring an additional element called marriage value. Flat owners in Cookham will mostly be legally entitled to a lease extension; however a solicitor should be able confirm your eligibility. In certain circumstances you may not be entitled. There are also strict timetables and procedures to follow once the process has started so it’s wise to be guided by a conveyancer during the process.

Cookham property with a lease extension has roughly the same value as a freehold

It is generally considered that a residential leasehold with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years left, the property will be worth the same as a freehold for many years in the future.

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

Banks and Building Societies have set criteria when loaning monies charged on leasehold property. Many will simply not lend at all once the remaining lease term drops below a specified unexpired lease term. Many Banks and Building Societies will not consider property with a remaining term of less than 75 years as adequate security. In addition to this being important when selling, it is also relevant where you are intending to remortgage your Cookham home.

Get in touch with one of our Cookham lease extension solicitors or enfranchisement solicitors

Engaging our service will provide you enhanced control over the value of your Cookham leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Cookham Lease Extension Case Studies:

Stanley, Cookham, Berkshire

14 months ago Stanley, started to get near to the 80-year threshold with the lease on his studio apartment in Cookham. In buying his property two decades ago, the length of the lease was of minimal importance. Luckily, he noticed he would imminently be paying an escalated premium for Extending the lease. Stanley was able to extend his lease just in the nick of time in April. Stanley and the freeholder via the managing agents in the end settled on a premium of £6,000 . If the lease had dipped to less than eighty years, the sum would have become more exhorbitant by at least £925.

Cookham case:

In 2011 we were e-mailed by Mr and Mrs. L Scott who, having acquired a one bedroom apartment in Cookham in May 2011. The question was if we could estimate the price would likely be for a ninety year lease extension. Similar properties in Cookham with 100 year plus lease were valued about £198,800. The mid-range amount of ground rent was £55 invoiced annually. The lease finished in 2081. Having 55 years outstanding we estimated the premium to the freeholder for the lease extension to be within £33,300 and £38,400 not including costs.

Cookham case:

Mr and Mrs. G Laurent purchased a basement apartment in Cookham in September 1999. The dilemma was if we could approximate the price would be for a ninety year extension to my lease. Comparable premises in Cookham with a long lease were in the region of £295,000. The average amount of ground rent was £50 invoiced annually. The lease elapsed in 2101. Taking into account 75 years unexpired we calculated the premium to the landlord for the lease extension to be between £8,600 and £9,800 plus fees.