Cambridge Lease Extension - Free Consultation

Before you progress with your lease extension in Cambridge
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Main reasons to start your Cambridge lease extension


Why you should commence your Cambridge lease extension today:

Increase your lease and increase your Cambridge property value

Cambridge leases on domestic deteriorating in value. Where your lease has approximately 90 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 begin incurring an additional element called marriage value. Leasehold owners in Cambridge will mostly be legally entitled to a lease extension; however a solicitor should be able confirm your eligibility. In certain circumstances you may not be entitled. There are prescribed timetables and steps to follow once the process is initiated so it’s sensible to be guided by a conveyancer during the process.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the residence will be equivalent in value to a freehold for many years in the future.

Lending institutions may not loan monies on a short lease

Banks and building societies are making their criteria more stringent and a meaningful number now require flats to have at least sixty if not seventy years left at the end of the mortgage. Given that many flats in Cambridge were built in the 1950s, 1960s and 1970s this means many now need to be extended if they wish to obtain a mortgage.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Halifax Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

Why use us for your lease extension in Cambridge?

Irrespective of whether you are a tenant or a freeholder in Cambridge,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 Cambridge valuers.

Cambridge Lease Extension Case Studies:

Caitlin, Cambridge, Cambridgeshire,

Following protracted correspondence with the landlord of her purpose-built apartment in Cambridge, Caitlin initiated the lease extension process just as the lease was approaching the critical eighty-year deadline. The legal work completed in January 2013. The landlord’s costs were kept to an absolute minimum.

Cambridge case:

Mr and Mrs. Y Cook acquired a purpose-built apartment in Cambridge in March 2006. We are asked if we could approximate the price would likely be to extend the lease by an additional years. Comparable residencies in Cambridge with a long lease were worth £183,600. The mid-range ground rent payable was £65 billed per annum. The lease end date was on 14 June 2081. Taking into account 57 years outstanding we estimated the premium to the landlord to extend the lease to be between £28,500 and £33,000 not including costs.

Cambridge case:

Last Winter we were called by Mr and Mrs. L Petit , who owned a garden apartment in Cambridge in November 2002. The dilemma was if we could shed any light on how much (approximately) price would likely be for a 90 year lease extension. Similar premises in Cambridge with an extended lease were in the region of £245,000. The mid-range amount of ground rent was £50 invoiced every twelve months. The lease concluded on 6 July 2092. Having 68 years remaining we approximated the premium to the landlord for the lease extension to be within £9,500 and £11,000 plus fees.