Top reasons for Cudham lease extension

Why you should start your Cudham lease extension today:

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

With a domestic leasehold premises in Cudham, you are actually purchasing an entitlement to reside in a property for a set period of time. These days flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you should consider a lease extension sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly particularly once there are fewer than 80 years remaining. Leasehold owners in Cudham with a lease drawing near to 81 years unexpired should seriously think of extending it without delay. Once a lease has under 80 years outstanding, under the relevant statute the freeholder can calculate and charge a greater amount, assessed on a technical multiplication, known as “marriage value” which is due.

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

It is conventional wisdom that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Lending institutions may decide not to grant a mortgage on a short lease

Mortgage companies are tightening their criteria and many now want flats to have a minimum of 60 if not 70 years remaining at the expiry of the mortgage. Given that a number of flats in Cudham were created in the fifties, sixties and seventies this means many now require lease extensions if they wish to obtain a mortgage.

Why use us for your lease extension in Cudham?

Regardless of whether you are a tenant or a landlord in Cudham,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Cudham valuers.

Cudham Lease Extension Example Cases:

Lucas, Cudham, South East London,

Lucas owned a studio flat in Cudham on the market with a lease of fraction over sixty years left. Lucas informally approached his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £50 yearly. No ground rent would be due on a lease extension were Lucas to invoke his statutory right. Lucas obtained expert legal guidance and secured satisfactory deal without resorting to tribunal and sell the property.

Cudham case:

In 2011 we were called by Mr and Mrs. P Mitchell who, having took over the lease of a basement apartment in Cudham in April 2004. We are asked if we could approximate the price would be for a ninety year lease extension. Similar flats in Cudham with an extended lease were in the region of £176,200. The average amount of ground rent was £65 collected per annum. The lease finished on 9 November 2082. Given that there were 56 years outstanding we calculated the compensation to the landlord for the lease extension to be between £29,500 and £34,000 exclusive of expenses.