Top reasons for Cubitt Town lease extension

Why you should commence your Cubitt Town lease extension today:

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

Cubitt Town residential property held on a long lease is a depreciating asset because a leaseholder merely owns the property for a set term.

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

It is generally considered that a property with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies will not loan monies with a short lease

Nearly all banks and building societies require a lengthy amount of time remaining on any leasehold residence before they will contemplate it as adequate security. Even if you don't require a mortgage, you should bear in mind that it is likely that someone wishing to buy your property in the future might well do, so in the event that they can't obtain a mortgage, then the value of the property will likely be adversely impacted. Since 2008 the majority of banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

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

Engaging our service gives you enhanced control over the value of your Cubitt Town leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Cubitt Town Lease Extension Case Summaries:

Caleb, Cubitt Town, London,

Caleb owned a high value flat in Cubitt Town being marketed with a lease of a few days over sixty years unexpired. Caleb on an informal basis contacted his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £200 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Caleb to invoke his statutory right. Caleb procured expert advice and was able to make a more informed decision and deal with the matter and ending up with a market value flat.

Cubitt Town case:

Last Autumn we were phoned by Dr G Jackson , who acquired a basement flat in Cubitt Town in February 2007. The dilemma was if we could shed any light on how much (approximately) premium would be to extend the lease by ninety years. Comparable residencies in Cubitt Town with a long lease were valued around £218,400. The mid-range amount of ground rent was £60 billed every twelve months. The lease lapsed on 10 March 2085. Given that there were 59 years left we approximated the premium to the landlord to extend the lease to be within £27,600 and £31,800 not including fees.