Why you should start your Cambourne lease extension

Top reasons for lease extension now:

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

On the balance of probabilities if you own a flat in Cambourne you actually own a long leasehold interest over your property

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

It is conventional wisdom that a property with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Lenders will not lend with a short lease

The definition of a short lease depends on the specific mortgage company, yet lending institutions start to become concerned at around 75 years. This may cause difficulties when you wish to sell or remortgage your property as it will be practically unmortgageable. Even though you may have no immediate intention to sell but when you do your purchaser will need to hold off for 2 years before they can commence the legal procedures for an extension to the lease.

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

Regardless of whether you are a tenant or a landlord in Cambourne,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Cambourne valuers.

Cambourne Lease Extension Case Studies:

Robyn, Cambourne, Cambridgeshire,

Following lengthy negotiations with the landlord of her purpose-built flat in Cambourne, Robyn started the lease extension process just as the lease was nearing the critical 80-year threshold. The lease extension completed in April 2010. The landlord’s charges were restricted to about 600 GBP.

Cambourne case:

In 2010 we were called by Mrs Phoebe Rodríguez who, having completed a studio apartment in Cambourne in August 2003. The question was if we could estimate the price would be for a ninety year extension to my lease. Identical homes in Cambourne with an extended lease were valued about £193,400. The average ground rent payable was £65 collected every twelve months. The lease terminated on 3 October 2085. Having 59 years left we approximated the premium to the landlord to extend the lease to be between £21,900 and £25,200 exclusive of fees.

Cambourne case:

Last month we were approach by Dr Daisy Mercier , who was assigned a lease of a purpose-built flat in Cambourne in June 1998. We are asked if we could approximate the price would be for a 90 year lease extension. Similar homes in Cambourne with a long lease were in the region of £255,000. The average amount of ground rent was £50 invoiced every twelve months. The lease ended on 18 February 2096. Having 70 years unexpired we estimated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 plus costs.