Main reasons to commence your Cudham lease extension

Top reasons for lease extension now:

A Cudham lease depreciates with the years remaining on the lease.

Cudham leases on residential deteriorating in value. Where your lease has about ninety years left, you should start thinking about a lease extension. 80 years is a significant number: when the remaining term of a lease falls below this level then you start paying an additional element called marriage value. Flat owners in Cudham will usually be legally entitled to a lease extension; however a solicitor should be able confirm if you qualify. In some circumstances you may not be entitled. There are also strict deadlines and steps to follow once the process has commenced so it’s best to be guided by a conveyancing solicitor during the process.

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 45 years unexpired, the property will be worth the same as a freehold for decades to come.

Mortgage lenders may decide not to grant a mortgage on a short lease

Lenders 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 the unexpired lease term. Some may even refuse to lend completely, so if you needed to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus reducing the amount of prospective purchasers.

Get in touch with one of our Cudham lease extension solicitors or enfranchisement solicitors

The conveyancers that we work with undertake Cudham lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Cudham Lease Extension Example Cases:

Maisie, Cudham, South East London,

Off the back of unsuccessful negotiations with the landlord of her leasehold flat in Cudham, Maisie started the lease extension process as the 80 year deadline was rapidly nearing. The legal work completed in November 2015. The freeholder’s costs were restricted to slightly above four hundred pounds.

Cudham case:

Mr and Mrs. I Ali bought a ground floor flat in Cudham in July 1999. We are asked if we could estimate the premium would likely be to extend the lease by ninety years. Comparative homes in Cudham with an extended lease were worth £200,800. The average ground rent payable was £65 invoiced monthly. The lease ended in 2086. Given that there were 60 years unexpired we calculated the premium to the freeholder for the lease extension to be within £20,900 and £24,200 exclusive of fees.