The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Cobham can extend the lease for an additional 90 years in accordance with legislation. Do think carefully before delaying your Cobham lease extension. Putting off that expense today simply escalates the amount you will eventually have to pay to extend the lease.
It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.
| 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. |
| Chelsea Building Society | 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Cobham can be a difficult process. We recommend you get guidance from a conveyancer and surveyor with experience in lease extensions.
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.
Jasper was the the leasehold owner of a conversion apartment in Cobham being sold with a lease of a few days over 61 years left. Jasper informally spoke with his landlord a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £200 per annum. No ground rent would be payable on a lease extension were Jasper to exercise his statutory right. Jasper procured expert advice and was able to make an informed judgement and handle with the matter and readily saleable.
Dr G Fournier took over the lease of a first floor apartment in Cobham in May 2005. We are asked if we could estimate the price would likely be to prolong the lease by ninety years. Comparative properties in Cobham with a long lease were worth £166,400. The average amount of ground rent was £60 billed every twelve months. The lease ran out in 2079. Having 54 years remaining we calculated the compensation to the landlord for the lease extension to be within £32,300 and £37,400 not including expenses.
Last Winter we were called by Mr and Mrs. M Wright , who moved into a purpose-built apartment in Cobham in September 1996. The dilemma was if we could estimate the price would likely be for a 90 year lease extension. Comparable properties in Cobham with 100 year plus lease were worth £232,800. The mid-range amount of ground rent was £45 billed annually. The lease expired on 27 July 2090. Considering the 65 years outstanding we estimated the premium to the landlord to extend the lease to be between £13,300 and £15,400 plus costs.