Main reasons to commence your Cubitt Town lease extension

Main reasons to start your Cubitt Town lease extension today:

Increase your lease and increase your Cubitt Town property value

The market value of a leasehold property in Cubitt Town is impacted by how long the lease has left to run. If it is close to or fewer than 80 years you should foresee problems on re-sale, so it is recommended to arrange for a lease extension ahead of buying. It is preferable to commence the process of extending the lease is when the lease still has 82 years unexpired so that all matters can be addressed prior to the 80 year cut off point. Statute enables Cubitt Town qualifying lessees to a ninety year extension added to their remaining lease term (ie if your lease has fifty years left the statutory lease extension will provide a new term of 140 years). The purpose of the valuation is to determine the sum payable by the lessee to the freeholder for the purchase of the lease extension.

An extended lease has roughly the same value as a freehold

It is generally considered that a property with more than one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the residence will be worth the same as a freehold for decades to come.

Lenders may decide not to finance a property on a short lease

The definition of a short lease depends on the specific mortgage company, yet lending institutions start to become jittery at around 75 years. This will cause difficulties once you come to market or remortgage your property as it will be effectively unmortgageable. You may have no imminent intention to sell but when you do your purchaser will need to hold off for 2 years before being able to exercise the right to a a lease extension.

What makes us experts in Cubitt Town lease extensions?

Using our service will provide you enhanced control over the value of your Cubitt Town leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Cubitt Town Lease Extension Example Cases:

Hollie, Cubitt Town, London,

Subsequent to lengthy negotiations with the landlord of her purpose-built apartment in Cubitt Town, Hollie commenced the lease extension process as the eighty year deadline was fast coming. The legal work completed in June 2015. The freeholder’s fees were negotiated to less than 450 pounds.

Cubitt Town case:

Last year we were called by Mr C Gray , who bought a first floor flat in Cubitt Town in October 2000. We are asked if we could approximate the price could be for a 90 year extension to my lease. Comparative properties in Cubitt Town with an extended lease were worth £200,000. The average amount of ground rent was £50 collected monthly. The lease lapsed in 2104. Given that there were 78 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 plus legals.