Why you should commence your Cookham lease extension

Top reasons for lease extension now:

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

As the length of the unexpired term of a Cookham residential lease decreases so does its value and therefore the value of your property. If the lease has, in excess of 100 years remaining then this decrease may be negligible nevertheless there will become a point in time when a lease has fewer than 80 years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should extend the lease sooner than later. Most flat owners in Cookham will qualify for this right; that being said a conveyancer will be able to advise if you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

Cookham property with a lease extension is almost the same value as a freehold

Leasehold properties in Cookham with more than 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 home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.

Lenders may decide not to issue a mortgage with a short lease

The propensity since 2008 has been for banks to tighten lending criteria across the board - this has extended to the property over which the mortgage is to be granted. This has resulted in the minimum number of years remaining under the lease required by lenders has increased. Historically banks would grant a mortgage on a lease with 25 years plus the term of the loan - routinely fifty year leases but those requirements have been chipped away by the requirement for longer and longer leases - many use a minimum term of 75 years as a prerequisite.

What makes us experts in Cookham lease extensions?

Engaging our service gives 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 have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Cookham Lease Extension Example Cases:

Imogen, Cookham, Berkshire,

After lengthy discussions with the freeholder of her ground floor flat in Cookham, Imogen initiated the lease extension process just as the lease was approaching the crucial 80-year mark. The legal work was finalised in March 2008. The landlord’s costs were restricted to approximately 650 GBP.

Cookham case:

In 2009 we were contacted by Mr and Mrs. H Bonnet who, having acquired a purpose-built flat in Cookham in September 2011. We are asked if we could shed any light on how much (approximately) premium could be for a 90 year extension to my lease. Identical homes in Cookham with 100 year plus lease were valued around £205,000. The average ground rent payable was £50 billed yearly. The lease finished in 2104. Considering the 78 years outstanding we approximated the premium to the landlord for the lease extension to be within £8,600 and £9,800 not including professional charges.

Cookham case:

Mr and Mrs. B James purchased a first floor flat in Cookham in July 2006. We are asked if we could estimate the premium could be for a ninety year extension to my lease. Comparative residencies in Cookham with an extended lease were in the region of £267,600. The mid-range amount of ground rent was £65 invoiced quarterly. The lease came to a finish on 12 October 2093. Considering the 67 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £14,300 and £16,400 plus professional charges.