Main reasons to commence your Cubitt Town lease extension

Main reasons to commence your Cubitt Town lease extension today:

A Cubitt Town leasehold property depreciates with the years remaining on the lease.

As the the remaining lease term of a Cubitt Town residential lease diminished so does its value and therefore the value of your property. If the residual term has, beyond 99 years to run then this decrease may be of little impact nevertheless there will become a stage when a lease has less than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary reason why you should extend the lease without delay. The majority of flat owners in Cubitt Town will qualify for this right; nevertheless a lawyer can confirm if you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.

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

It is generally accepted that a residential leasehold with more than 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Lending institutions will not loan monies with a short lease

Mortgage lenders have set criteria when loaning funds charged on leasehold property. Some will simply refrain from lending at all once an unexpired lease term slips below a specified unexpired lease term. Many Lending institutions will not consider property with a remaining term of less than 75 years as acceptable security. In addition to impacting your ability to sell, it is also relevant where you are intending to remortgage your Cubitt Town home.

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

Irrespective of whether you are a tenant or a freeholder in Cubitt Town,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Cubitt Town valuers.

Cubitt Town Lease Extension Example Cases:

Chloe, Cubitt Town, London,

Trailing protracted discussions with the freeholder of her leasehold flat in Cubitt Town, Chloe initiated the lease extension process just as the lease was coming close to the crucial 80-year deadline. The transaction was concluded in January 2012. The freeholder’s costs were negotiated to slightly above 550 GBP.

Cubitt Town case:

Last February we were contacted by Mr and Mrs. K Bonnet , who purchased a ground floor apartment in Cubitt Town in June 2009. We are asked if we could approximate the price would be to extend the lease by ninety years. Identical residencies in Cubitt Town with an extended lease were in the region of £290,000. The mid-range amount of ground rent was £45 collected monthly. The lease elapsed in 2099. Taking into account 73 years outstanding we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including expenses.