Why you should commence your Cottenham Park lease extension

Main reasons to commence your Cottenham Park lease extension today:

A Cottenham Park lease depreciates with the years remaining on the lease.

Cottenham Park leases on domestic deteriorating in value. if your lease has approximately ninety years unexpired, you should start thinking about a lease extension. 80 years is a significant number: when the remaining term of a lease dips below this level then you start incurring an additional element called marriage value. Leasehold owners in Cottenham Park will usually be legally entitled to a lease extension; however a solicitor will confirm if you qualify. In certain situations you may not qualify. There are prescribed deadlines and procedures to follow once the process is triggered so it’s sensible to be guided by a conveyancing solicitor during the process.

An extended lease is almost the same value as a freehold

Leasehold residencies in Cottenham Park with over one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

Banks and Building Societies may not lend with a short lease

Mortgage companies are making their criteria more stringent and many now expect flats to have a minimum of sixty if not seventy years left at the expiry of the mortgage. As plenty of flats in Cottenham Park were built in the 1950s, 1960s and 1970s as a result many now need to be extended if they wish to get a mortgage.

What makes us experts in Cottenham Park lease extensions?

Lease extensions in Cottenham Park can be a difficult process. We recommend you obtain 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 Cottenham Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Cottenham Park Lease Extension Case Studies:

Daisy, Cottenham Park, South West London,

In the wake of 6 months of unsuccessful discussions with the landlord of her ground floor flat in Cottenham Park, Daisy started the lease extension process as the 80 year mark was fast nearing. The transaction was concluded in January 2012. The landlord’s charges were kept to an absolute minimum.

Cottenham Park case:

In 2011 we were approached by Ms N Murphy who, having completed a purpose-built apartment in Cottenham Park in April 1997. The question was if we could estimate the compensation to the landlord would be for a 90 year extension to my lease. Comparable properties in Cottenham Park with an extended lease were in the region of £290,000. The average ground rent payable was £45 collected per annum. The lease ended in 2098. Taking into account 72 years left we estimated the premium to the freeholder for the lease extension to be within £11,400 and £13,200 not including professional charges.

Cottenham Park case:

Dr M Brown bought a studio apartment in Cottenham Park in July 2011. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Similar residencies in Cottenham Park with 100 year plus lease were worth £233,200. The mid-range ground rent payable was £60 billed quarterly. The lease ended on 18 May 2087. Given that there were 61 years left we estimated the premium to the landlord to extend the lease to be between £22,800 and £26,400 not including professional charges.