Cudham Lease Extension - Free Consultation

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Main reasons to start your Cudham lease extension

Main reasons to commence your Cudham lease extension today:

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

The nearer a domestic lease in Cudham nears to zero years unexpired, the more it reduces the value of the property. Where the lease has, over 99 years to run then this decrease may be fractional however there will become a point in time when a lease has under than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary logic behind why you should consider extending without delay. The majority of flat owners in Cudham will qualify for this right; nevertheless a conveyancer will be able to advise if you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.

Cudham property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Lending institutions may not grant a mortgage with a short lease

Lending institutions have set criteria when lending funds charged on leasehold homes. Some will simply refuse lend at all once an unexpired lease term slips under a specified unexpired lease term. Many Banks and Building Societies will not consider property with an unexpired term of less than 75 years as acceptable security. As well as impacting your ability to sell, it is also relevant where you are intending to remortgage your Cudham property.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

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

Lease extensions in Cudham can be a difficult process. We recommend you obtain guidance from a lawyer and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Cudham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Cudham Lease Extension Case Summaries:

Aiden, Cudham, South East London,

Aiden owned a high value flat in Cudham on the market with a lease of just over 59 years left. Aiden on an informal basis spoke with his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent initially set at £100 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Aiden to exercise his statutory right. Aiden obtained expert advice and was able to make an informed judgement and handle with the matter and sell the flat.

Cudham case:

Last Summer we were called by Dr Leon Moore , who moved into a garden flat in Cudham in July 2001. We are asked if we could approximate the price would be for a 90 year lease extension. Comparable homes in Cudham with a long lease were worth £256,600. The mid-range ground rent payable was £60 billed yearly. The lease expired in 2076. Considering the 52 years unexpired we estimated the premium to the freeholder for the lease extension to be between £41,800 and £48,400 plus legals.

Decision in Bromley

An example of a Lease Extension decision for a Cudham property is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case was in relation to 1 flat. The unexpired term as at the valuation date was 50.57 years.