Cobham leases on domestic deteriorating in value. Where your lease has approximately ninety years remaining, 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 start paying an additional element called marriage value. Leasehold owners in Cobham will mostly qualify for a lease extension; however a solicitor will check if you qualify. In certain cases you may not qualify. There are also strict timetables and formalities to comply with once the process has started so it’s sensible to be guided by a conveyancer during the process.
Leasehold premises in Cobham with over 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| TSB | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
Lease extensions in Cobham can be a difficult process. We recommend you procure professional help from a conveyancer 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 procuring Cobham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Harrison owned a 2 bedroom flat in Cobham on the market with a lease of a few days over 72 years unexpired. Harrison informally spoke with his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £200 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Harrison to exercise his statutory right. Harrison obtained expert legal guidance and was able to make an informed judgement and handle with the matter and ending up with a market value flat.
Dr E Bennett was assigned a lease of a purpose-built apartment in Cobham in February 2010. We are asked if we could estimate the premium could be for a ninety year lease extension. Comparative premises in Cobham with 100 year plus lease were worth £280,000. The mid-range ground rent payable was £55 invoiced per annum. The lease lapsed on 24 October 2104. Having 78 years outstanding we estimated the premium to the landlord for the lease extension to be within £13,300 and £15,400 plus fees.
In 2010 we were e-mailed by Dr Callum Thomas who, having completed a garden flat in Cobham in August 2007. The question was if we could approximate the premium would be for a ninety year extension to my lease. Similar properties in Cobham with a long lease were valued around £191,000. The average amount of ground rent was £65 billed annually. The lease termination date was on 26 June 2084. Given that there were 58 years left we estimated the compensation to the freeholder for the lease extension to be within £23,800 and £27,400 exclusive of fees.