Main reasons to commence your Cudham lease extension

Main reasons to commence your Cudham lease extension today:

Increase your lease and increase your Cudham property value

Cudham leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. It is the case that most Cudham tenants have the right to extend their lease by an additional 90 years in accordance with the 1993 Leasehold Reform Act. If you are a leasehold owner in Cudham you really ought to check if your lease has between 70 and 90 years left. There are compelling reasons why a Cudham flat owner with a lease having around 80 years remaining should take steps to ensure that a lease extension is effected without delay

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Banks and Building Societies will not finance a property on a short lease

Lenders will not grant a mortgage on short residential leases. You most probably encounter difficulties if you need to sell your flat in Cudham if the remaining lease term is under the criteria set by most lenders. Different lenders have different requirements but in the main theyrequire an unexpired term of at least seventy years.

What makes us experts in Cudham lease extensions?

Lease extensions in Cudham can be a difficult process. We recommend you secure guidance from a conveyancer and surveyor with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Cudham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Cudham Lease Extension Example Cases:

Nathan, Cudham, South East London

Two years ago Nathan, started to get close to the eighty-year mark with the lease on his basement flat in Cudham. In buying his home two decades ago, the unexpired term was of no significance. Thankfully, he noticed he needed to take action soon on a lease extension. Nathan extended the lease just under the wire in August. Nathan and the freeholder via the managing agents eventually settled on the final figure of £5,000 . If the lease had dipped below 80 years, the premium would have increased by a minimum £900.

Cudham case:

Mr and Mrs. J Clarke acquired a recently refurbished flat in Cudham in November 2008. The question was if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Comparable residencies in Cudham with a long lease were valued about £225,400. The mid-range ground rent payable was £45 billed annually. The lease concluded in 2090. Considering the 64 years remaining we calculated the premium to the landlord to extend the lease to be within £15,200 and £17,600 exclusive of expenses.