Main reasons to commence your Cuckfield lease extension

Why you should commence your Cuckfield lease extension today:

A Cuckfield lease depreciates with the years remaining on the lease.

Cuckfield leases on domestic deteriorating in value. Where your lease has about 90 years unexpired, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease falls below this level then you begin incurring an additional element called marriage value. Flat owners in Cuckfield will usually qualify for a lease extension; however It would be wise to check with a lawyer to check your eligibility. In certain situations you may not be entitled. There are also strict timetables and steps to follow once the process has commenced so it’s wise to be guided by a conveyancer during the process.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years left, the residence will be equivalent in value to a freehold for decades to come.

Lenders will not grant a mortgage on a short lease

Lenders are making their criteria more stringent and a meaningful number now expect flats to have at least sixty if not seventy years remaining once the mortgage has expired. Considering plenty of flats in Cuckfield were created in the 1950s, 1960s and 1970s this means many now require lease extensions if they if they are to be mortgageable.

What makes us experts in Cuckfield lease extensions?

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

Cuckfield Lease Extension Example Cases:

Matthew, Cuckfield, West Sussex,

Matthew owned a high value flat in Cuckfield being sold with a lease of a little over 72 years outstanding. Matthew on an informal basis approached his freeholder being a well known London-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £50 per annum. Ordinarily, ground rent would not be payable on a lease extension were Matthew to invoke his statutory right. Matthew obtained expert advice and secured satisfactory deal informally and ending up with a market value flat.

Cuckfield case:

In 2010 we were contacted by Mr and Mrs. G Richardson who, having purchased a purpose-built flat in Cuckfield in August 2004. The dilemma was if we could estimate the price could be for a 90 year lease extension. Comparative properties in Cuckfield with 100 year plus lease were worth £210,000. The mid-range amount of ground rent was £50 invoiced monthly. The lease expired on 5 July 2106. Taking into account 80 years left we approximated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of costs.

Cuckfield case:

Last Christmas we were e-mailed by Mr and Mrs. T Carter , who bought a garden flat in Cuckfield in January 2006. The dilemma was if we could estimate the compensation to the landlord could be to extend the lease by 90 years. Identical premises in Cuckfield with 100 year plus lease were in the region of £275,000. The mid-range amount of ground rent was £45 billed annually. The lease finished in 2095. Given that there were 69 years as a residual term we approximated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of expenses.