Cookham leases on domestic deteriorating in value. if your lease has about ninety years unexpired, you should start considering the need for a lease extension. An important point to note is that it is desirable for the lease extension to be in place before the term of the existing lease drops under eighty years - otherwise a higher amount will be due. Leasehold owners in Cookham will mostly be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to check your eligibility. In some circumstances you may not be entitled. There are also strict deadlines and procedures to follow once the process is initiated so it’s sensible to be guided by a conveyancing solicitor during the process.
It is generally accepted that a property with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Santander | If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest. You must report the unexpired lease term to us and await our instructions if:
|
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Yorkshire Building Society | 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. |
Retaining our service gives you increased control over the value of your Cookham leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Half a year ago Ethan, came critically near to the eighty-year threshold with the lease on his basement apartment in Cookham. In buying his home two decades ago, the length of the lease was of minimal importance. Fortunately, he realised he needed to take steps soon on a lease extension. Ethan extended the lease just under the wire in September. Ethan and the freeholder via the managing agents in the end agreed on sum of £5,000 . If the lease had fallen below eighty years, the premium would have gone up by a minimum £850.
In 2009 we were approached by Mr and Mrs. G Sánchez who, having acquired a purpose-built flat in Cookham in February 2001. We are asked if we could estimate the premium would be to prolong the lease by ninety years. Comparative flats in Cookham with a long lease were in the region of £267,600. The mid-range ground rent payable was £65 billed quarterly. The lease concluded in 2093. Given that there were 67 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £14,300 and £16,400 exclusive of fees.
In 2010 we were contacted by Ms M Cox who, having took over the lease of a studio apartment in Cookham in August 1997. We are asked if we could shed any light on how much (roughly) premium would likely be for a 90 year lease extension. Comparative properties in Cookham with an extended lease were valued about £206,200. The mid-range ground rent payable was £55 billed yearly. The lease came to a finish in 2082. Given that there were 56 years outstanding we approximated the compensation to the landlord for the lease extension to be between £31,400 and £36,200 not including professional charges.