Main reasons to commence your Cambridge lease extension

Main reasons to start your Cambridge lease extension today:

Increase your lease and increase your Cambridge property value

Cambridge leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Cambridge residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Cambridge you really ought to see if your lease has between 70 and 90 years left. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension increases dramatically as an element of the premium you pay is what is known as a marriage value

An extended lease is almost the same value as a freehold

It is generally considered that a property with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Lending institutions will not finance a property on a short lease

Banks and building societies do not like short residential leases. You are likely to experience problems if you wish to sell your flat in Cambridge if the unexpired term of your lease is less than the criteria set by most banks and building societies. Different lenders have different criteria but generally theyrequire a minimum remaining lease term of 65 years.

Why use us for your lease extension in Cambridge?

Using our service will provide you increased control over the value of your Cambridge leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Cambridge Lease Extension Example Cases:

Hunter, Cambridge, Cambridgeshire,

Hunter was the the leasehold owner of a conversion flat in Cambridge being sold with a lease of fraction over 61 years unexpired. Hunter on an informal basis spoke with his freeholder being a well known Bristol-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £200 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Hunter to exercise his statutory right. Hunter obtained expert legal guidance and was able to make a more informed judgement and deal with the matter and ending up with a market value flat.

Cambridge case:

Last Autumn we were called by Mrs Melissa Ramírez , who acquired a basement apartment in Cambridge in September 2005. The question was if we could shed any light on how much (approximately) premium could be for a 90 year extension to my lease. Comparable properties in Cambridge with 100 year plus lease were valued around £250,000. The average ground rent payable was £50 collected every twelve months. The lease elapsed in 2095. Having 69 years unexpired we approximated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of legals.

Cambridge case:

Mr Jamie David bought a ground floor apartment in Cambridge in April 1995. The dilemma was if we could approximate the compensation to the landlord would be to extend the lease by ninety years. Comparative homes in Cambridge with 100 year plus lease were valued around £285,000. The average ground rent payable was £55 invoiced yearly. The lease concluded on 21 March 2105. Given that there were 79 years remaining we estimated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 exclusive of professional charges.