Top reasons for Cranbrook lease extension

Main reasons to start your Cranbrook lease extension today:

Increase your lease and increase your Cranbrook property value

Chances are that where you own a flat in Cranbrook you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Lending institutions will not issue a mortgage on a short lease

Most high street banks are tightening their criteria and many now expect flats to have at least sixty if not seventy years remaining once the mortgage has expired. Considering a number of flats in Cranbrook were created in the 1950s, 1960s and 1970s this means many now require lease extensions if they wish to obtain a mortgage.

Get in touch with one of our Cranbrook lease extension solicitors or enfranchisement solicitors

Retaining our service will provide you enhanced control over the value of your Cranbrook leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Cranbrook Lease Extension Case Summaries:

Rhiannon, Cranbrook, Kent,

Trailing unsuccessful correspondence with the freeholder of her garden flat in Cranbrook, Rhiannon commenced the lease extension process just as her lease was nearing the all-important 80-year mark. The lease extension was concluded in February 2014. The landlord’s costs were kept to an absolute minimum.

Cranbrook case:

Last month we were called by Mr Logan David , who moved into a first floor apartment in Cranbrook in August 2010. The question was if we could estimate the price would be to extend the lease by 90 years. Identical homes in Cranbrook with 100 year plus lease were in the region of £205,000. The mid-range amount of ground rent was £50 invoiced per annum. The lease elapsed on 4 January 2105. Given that there were 79 years left we estimated the compensation to the landlord to extend the lease to be within £7,600 and £8,800 exclusive of fees.

Cranbrook case:

In 2009 we were contacted by Mrs A Alexander who, having bought a purpose-built apartment in Cranbrook in September 2011. The question was if we could shed any light on how much (roughly) premium would be to prolong the lease by a further 90 years. Comparative residencies in Cranbrook with a long lease were worth £270,000. The mid-range ground rent payable was £65 billed yearly. The lease elapsed on 10 January 2094. Given that there were 68 years outstanding we approximated the premium to the landlord for the lease extension to be between £12,400 and £14,200 exclusive of costs.