With a domestic leasehold premises in Cottenham, you are in fact renting it for a certain amount of time. In recent years flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you should consider extending the lease sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease becomes disproportionately greater especially once there are less than eighty years remaining. Residents in Cottenham with a lease nearing 81 years left should seriously think of extending it sooner as opposed to later. Once the lease term has fewer than eighty years left, under the current Act the landlord can calculate and charge a larger amount, based on a technical calculation, known as “marriage value” which is payable.
It is conventional wisdom that a property with over 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Halifax | |
| Leeds Building Society | |
| National Westminster Bank | |
| Yorkshire Building Society |
Lease extensions in Cottenham can be a difficult process. We recommend you procure guidance from a conveyancer and valuer with experience in this area.
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 lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to unsuccessful discussions with the freeholder of her basement apartment in Cottenham, Katherine started the lease extension process just as her lease was nearing the all-important eighty-year deadline. The lease extension completed in November 2008. The landlord’s costs were kept to an absolute minimum.
In 2013 we were phoned by Mr and Mrs. C Clark who, having acquired a purpose-built apartment in Cottenham in April 2010. The dilemma was if we could estimate the compensation to the landlord would be for a ninety year extension to my lease. Comparable residencies in Cottenham with an extended lease were in the region of £233,200. The mid-range ground rent payable was £60 collected per annum. The lease finished on 3 June 2087. Having 61 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £22,800 and £26,400 not including professional charges.
In 2010 we were called by Ms W Taylor who, having took over the lease of a recently refurbished apartment in Cottenham in November 2011. The question was if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year lease extension. Comparative homes in Cottenham with a long lease were valued around £166,800. The mid-range amount of ground rent was £50 billed every twelve months. The lease finished on 10 November 2076. Given that there were 50 years remaining we estimated the compensation to the freeholder to extend the lease to be within £32,300 and £37,400 plus costs.