Top reasons for Cuffley lease extension

Why you should commence your Cuffley lease extension today:

Increase your lease and increase your Cuffley property value

Cuffley residential property owned on a long lease is a depreciating asset as the leaseholder only owns the property for a period of years.

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

It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Lending institutions may not issue a mortgage with a short lease

The propensity since 2008 has been for lenders to tighten lending criteria across the board - this has extended to the property over which the mortgage is to be granted. This has meant the minimum number of years remaining under the lease required by lenders has increased. Historically mortgage companies were content with 25 years plus the term of the loan - routinely 50 year leases but those requirements have been chipped away by the requirement for longer and longer leases - many use a minimum term of 75 years as a prerequisite.

What makes us experts in Cuffley lease extensions?

Lease extensions in Cuffley can be a difficult process. We recommend you secure 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 a wealth of experience procuring Cuffley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Cuffley Lease Extension Case Studies:

Alexander, Cuffley, Hertfordshire

Half a year ago Alexander, started to get close to the 80-year mark with the lease on his studio flat in Cuffley. In buying his flat twenty years previously, the length of the lease was of little importance. Thankfully, he noticed he needed to take action soon on Extending the lease. Alexander arranged for a lease extension at the eleventh hour in July. Alexander and the landlord who owned the flat above eventually settled on sum of £5,000 . If the lease had slipped below eighty years, the figure would have gone up by at least £1,000.

Cuffley case:

Ms T Roux completed a basement flat in Cuffley in September 2002. The question was if we could approximate the premium could be for a 90 year extension to my lease. Identical premises in Cuffley with a long lease were worth £257,800. The mid-range amount of ground rent was £65 billed monthly. The lease elapsed in 2091. Taking into account 65 years outstanding we calculated the compensation to the landlord for the lease extension to be within £18,100 and £20,800 not including expenses.

Cuffley case:

Dr Ethan Brown owned a studio apartment in Cuffley in August 2008. We are asked if we could estimate the price would likely be to extend the lease by a further 90 years. Identical flats in Cuffley with an extended lease were worth £196,400. The mid-range amount of ground rent was £55 invoiced monthly. The lease expired on 22 April 2080. Given that there were 54 years remaining we estimated the premium to the freeholder for the lease extension to be between £35,200 and £40,600 plus legals.