When it comes to long leasehold premises in Cambourne, you are actually buying an entitlement to live in a property for a prescribed time frame. These days flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you should consider a lease extension sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease becomes disproportionately more expensive especially when there are less than 80 years left. Residents in Cambourne with a lease approaching 81 years left should seriously consider extending it sooner as opposed to later. When a lease has below 80 years left, under the current statute the freeholder can calculate and charge a larger amount, based on a technical calculation, strangely termed as “marriage value” which is due.
It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Chelsea Building Society | |
| National Westminster Bank | |
| The Mortgage Works | |
| Virgin |
Lease extensions in Cambourne can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and surveyor 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 in-depth market knowledge dealing with Cambourne lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Two years ago Ali, started to get near to the eighty-year threshold with the lease on his basement apartment in Cambourne. Having bought his flat twenty years ago, the length of the lease was of little bearing. As luck would have it, he realised he would soon be paying an inflated amount for Extending the lease. Ali extended the lease at the eleventh hour in January. Ali and the freeholder via the managing agents in the end settled on a premium of £5,500 . If he had missed the deadline, the sum would have escalated by a minimum £1,075.
In 2012 we were approached by Dr C Roberts who, having bought a one bedroom apartment in Cambourne in March 2006. We are asked if we could approximate the compensation to the landlord would be to extend the lease by 90 years. Comparative flats in Cambourne with 100 year plus lease were in the region of £255,000. The mid-range ground rent payable was £50 invoiced quarterly. The lease came to a finish on 28 July 2097. Taking into account 71 years left we estimated the premium to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of fees.
In 2011 we were called by Mr H Allen who, having completed a first floor flat in Cambourne in October 1996. The dilemma was if we could shed any light on how much (roughly) premium would likely be for a ninety year lease extension. Identical premises in Cambourne with an extended lease were in the region of £254,200. The average ground rent payable was £60 invoiced quarterly. The lease came to a finish on 5 June 2077. Having 51 years outstanding we approximated the premium to the landlord for the lease extension to be within £43,700 and £50,600 plus expenses.