Stop! Your Lease Extension in Cubitt Town Could Be FREE

Get a Free Case Review
Many leaseholders in Cubitt Town are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Cubitt Town has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should commence your Cubitt Town lease extension

Main reasons to commence your Cubitt Town lease extension today:

Increase your lease and increase your Cubitt Town property value

Owning a apartment usually means owning a lease of the property, which has a set term of years. The lease will usually be granted for a fixed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Cubitt Town. Clearly, the period of lease remaining shortens as time goes by. This is often overlooked and only becomes a problem when the residence has to be disposed of or refinanced. The shorter the lease the lower the value of the property and the more expensive it will be to procure a lease extension. Eligible leaseholders in Cubitt Town have the right to extend the lease for an additional ninety years under the 1993 Leasehold Reform Act. Do give careful consideration before putting off your Cubitt Town lease extension. Holding off the cost now likely increases the price you will eventually incur to extend your lease

Cubitt Town property with a lease extension has roughly the same value as a freehold

It is generally accepted that a property with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the premises will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may decide not to grant a mortgage on a short lease

The trend since 2008 has been for lenders to tighten lending criteria generally - this has extended to the types of security over which the home loan is to be charged. This has resulted in the unexpired lease term required by banks has increased. Historically lenders were content with 25 years plus the term of the loan - routinely 50 year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many now have a minimum term of 75 years as standard.

Lender Requirement
Halifax Minimum 70 years from the date of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Why use us for your lease extension in Cubitt Town?

Regardless of whether you are a tenant or a landlord in Cubitt Town,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Cubitt Town valuers.

Cubitt Town Lease Extension Case Summaries:

Grace, Cubitt Town, London,

Off the back of unsuccessful correspondence with the landlord of her garden apartment in Cubitt Town, Grace initiated the lease extension process just as the lease was nearing the crucial eighty-year threshold. The legal work completed in February 2009. The freeholder’s costs were kept to an absolute minimum.

Cubitt Town case:

Last Winter we were e-mailed by Mr and Mrs. O Bernard , who acquired a garden apartment in Cubitt Town in August 2008. We are asked if we could approximate the price could be for a ninety year lease extension. Comparable flats in Cubitt Town with a long lease were worth £280,000. The average amount of ground rent was £45 billed monthly. The lease concluded in 2095. Considering the 69 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 plus expenses.

Decision in Southwark

An example of a Freehold Enfranchisement matter before the tribunal for a Cubitt Town flat is 12, 14 & 16 Hull Close in May 2010. the Tribunal determined that the premium payable for the acquisition of the freehold to the subject premises was the sum of £18,300 This case affected 3 flats. The unexpired term as at the valuation date was 101.61 years.