Top reasons for Comberton lease extension

Why you should start your Comberton lease extension today:

A Comberton lease depreciates with the years remaining on the lease.

Owning a flat usually means owning a lease of the property, which has a set term of years. your lease will ordinarily be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Comberton. Clearly, the period of lease left shortens as time goes by. This is often ignored and only becomes a problem when the residence needs to be sold or refinanced. The fewer the years remaining the lower the value of the property and the more expensive it will be to procure a lease extension. Eligible long lease owners in Comberton have the right to extend the lease for a further 90 years under the 1993 Leasehold Reform Act. Do give due attention before putting off your Comberton lease extension. Holding off that expense now likely increases the price you will eventually have to pay for a lease extension

An extended lease is almost the same value as a freehold

It is generally accepted that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the property will be equivalent in value to a freehold for many years in the future.

Lending institutions will not loan monies on a short lease

Banks and building societies will not lend on short residential leases. You are likely to experience difficulties if you want to sell your flat in Comberton if the remaining lease term is less than the criteria set by the majority of banks and building societies. Different lenders have varying requirements but in the main theyrequire an unexpired term of at least 65 years.

What makes us experts in Comberton lease extensions?

Lease extensions in Comberton can be a difficult process. We recommend you procure guidance from a lawyer 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 dealing with Comberton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Comberton Lease Extension Case Summaries:

Nicole, Comberton, Cambridgeshire,

Subsequent to lengthy negotiations with the freeholder of her one bedroom apartment in Comberton, Nicole started the lease extension process just as her lease was approaching the all-important eighty-year threshold. The transaction completed in May 2009. The landlord’s fees were kept to an absolute minimum.

Comberton case:

In 2009 we were phoned by Mr and Mrs. U Collins who, having was assigned a lease of a one bedroom apartment in Comberton in April 1995. We are asked if we could estimate the price could be for a ninety year extension to my lease. Comparable homes in Comberton with an extended lease were worth £264,000. The mid-range ground rent payable was £60 billed quarterly. The lease came to a finish in 2079. Considering the 53 years left we estimated the compensation to the freeholder to extend the lease to be between £37,100 and £42,800 not including professional charges.

Comberton case:

In 2009 we were approached by Dr Owen Nguyen who, having owned a one bedroom apartment in Comberton in January 2005. The question was if we could estimate the price would be for a 90 year lease extension. Identical flats in Comberton with 100 year plus lease were in the region of £225,400. The mid-range ground rent payable was £45 collected every twelve months. The lease came to a finish in 2090. Taking into account 64 years as a residual term we approximated the premium to the landlord to extend the lease to be within £16,200 and £18,600 plus fees.