Top reasons for Cudham lease extension

Top reasons for lease extension now:

Increase your lease and increase your Cudham property value

It’s an underpublicised certainty that a Cudham residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the first few years due to the loss of value being disguised by increases in the Cudham property market.Where your lease has approximately ninety years left, you need to start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips lower than eighty years - otherwise a higher amount will be payable. Most leasehold owners in Cudham will be able to extend under the legislation; however a lawyer should be able to confirm whether you qualify for an extension. In some situations you may not qualify. There are also strict deadlines and procedures to follow once the process has commenced and you will need to be guided by your conveyancing solicitor from beginning to end of the formalities.

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

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the residence will be equivalent in value to a freehold for decades to come.

Lending institutions may decide not to loan monies with a short lease

Mortgage companies are really restricting their approach as regards to properties in Cudham with short leases. For example you might discover that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you wanted to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus narrowing the amount of potential buyers.

Why use us for your lease extension in Cudham?

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

Cudham Lease Extension Example Cases:

Mia, Cudham, South East London,

In the wake of 6 months of lengthy correspondence with the freeholder of her garden apartment in Cudham, Mia started the lease extension process as the eighty year deadline was quickly approaching. The legal work was finalised in October 2015. The landlord’s fees were restricted to approximately 450 pounds.

Cudham case:

In 2011 we were e-mailed by Ms Sophie Leroy who, having acquired a basement apartment in Cudham in January 2002. The question was if we could approximate the price would be to prolong the lease by 90 years. Similar premises in Cudham with 100 year plus lease were worth £261,600. The average ground rent payable was £60 collected annually. The lease concluded on 17 November 2078. Having 52 years remaining we estimated the compensation to the landlord to extend the lease to be between £39,000 and £45,000 plus fees.