Top reasons for Cobham lease extension

Top reasons for lease extension now:

Increase your lease and increase your Cobham property value

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

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

It is generally accepted that a property with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may decide not to loan monies with a short lease

Nearly all banks and building societies will not lend on a lease with under seventy years remaining - although this varies from lender to lender. A purchaser will no doubt find it difficult to obtain a mortgage and this could result in your Cobham property being difficult to dispose of or refinance.

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

Retaining our service gives you increased control over the value of your Cobham leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Cobham Lease Extension Case Summaries:

Jason, Cobham, Surrey

Two years ago Jason, started to get near to the 80-year mark with the lease on his basement apartment in Cobham. Having purchased his flat two decades ago, the length of the lease was of little interest. by good luck, he noticed he needed to take steps soon on Extending the lease. Jason arranged for a lease extension just in the nick of time in January. Jason and the freeholder via the management company ultimately settled on an amount of £6,000 . If the lease had slipped below 80 years, the premium would have escalated by a minimum £1,125.

Cobham case:

Last Winter we were approach by Mr and Mrs. P Peterson , who acquired a basement flat in Cobham in August 1996. We are asked if we could shed any light on how much (roughly) premium would likely be for a ninety year lease extension. Comparative premises in Cobham with 100 year plus lease were valued about £193,400. The mid-range ground rent payable was £65 collected monthly. The lease ran out on 22 March 2085. Given that there were 59 years remaining we approximated the compensation to the landlord to extend the lease to be within £21,900 and £25,200 not including fees.

Cobham case:

In 2013 we were approached by Mr and Mrs. I González who, having acquired a one bedroom flat in Cobham in February 2005. We are asked if we could estimate the premium could be for a ninety year lease extension. Similar flats in Cobham with an extended lease were in the region of £255,000. The average ground rent payable was £50 billed quarterly. The lease came to a finish in 2096. Given that there were 70 years remaining we calculated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 not including legals.