The closer a domestic lease in Cudham gets to zero years unexpired, the more it reduces the value of the property. If the lease has, in excess of 99 years to run then this decrease may be negligible that being said there will become a point in time when a lease has less than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary rational as to why you should consider extending without delay. Most flat owners in Cudham will meet the qualifying criteria; that being said a conveyancer should be able to advise whether you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.
Leasehold properties in Cudham with more than one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
Lease extensions in Cudham can be a difficult process. We recommend you procure guidance from a lawyer and valuer well versed in the legislation and lease extension process.
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 a wealth of experience 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.
Toby owned a high value apartment in Cudham on the market with a lease of just over sixty years left. Toby informally approached his landlord being a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent initially set at £200 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Toby to exercise his statutory right. Toby obtained expert advice and was able to make a more informed judgement and handle with the matter and readily saleable.
Ms Isabella Brooks purchased a garden apartment in Cudham in October 1996. The question was if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year lease extension. Comparative residencies in Cudham with 100 year plus lease were worth £250,000. The average ground rent payable was £50 collected annually. The lease terminated on 11 June 2095. Having 69 years outstanding we calculated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of expenses.
An example of a Lease Extension decision for a Cudham flat is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case related to 1 flat. The unexpired term was 50.57 years.