With a long leasehold premises in Cuffley, you are actually buying a right to reside in a property for a set period of time. These days flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you may consider a lease extension sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly notably when there are less than 80 years remaining. Residents in Cuffley with a lease nearing 81 years left should seriously think of extending it sooner than later. Once a lease has fewer than eighty years remaining, under the current statute the landlord can calculate and levy a larger premium, based on a technical computation, known as “marriage value” which is due.
Leasehold properties in Cuffley with more than one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Santander | |
| Skipton Building Society |
Irrespective of whether you are a tenant or a freeholder in Cuffley,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 experience and the close ties they enjoy with Cuffley valuers.
In the wake of 9 months of unsuccessful discussions with the landlord of her first floor apartment in Cuffley, Phoebe commenced the lease extension process as the eighty year threshold was quickly coming. The transaction completed in November 2015. The freeholder’s fees were kept to an absolute minimum.
Last Christmas we were called by Dr Sian Parker , who moved into a garden flat in Cuffley in March 1995. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Comparable premises in Cuffley with 100 year plus lease were valued about £189,000. The average ground rent payable was £55 invoiced yearly. The lease concluded in 2079. Given that there were 53 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £28,500 and £33,000 plus legals.
Mr and Mrs. K Lee completed a studio apartment in Cuffley in April 2010. The question was if we could approximate the price would be for a 90 year lease extension. Similar residencies in Cuffley with 100 year plus lease were worth £290,000. The mid-range ground rent payable was £45 collected every twelve months. The lease concluded on 5 September 2099. Given that there were 73 years remaining we approximated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 plus professional charges.