As the length of the unexpired term of a Cambourne residential lease lessens so does its value and therefore the value of your property. If the lease has, in excess of one hundred years to run then this decrease may be negligible nevertheless there will become a stage when a lease has under than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main reason why you should extend the lease without delay. The majority of flat owners in Cambourne will meet the qualifying criteria; nevertheless a conveyancing solicitor will be able to advise if you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.
Leasehold premises in Cambourne with over 100 years left 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 property. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| 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. |
Regardless of whether you are a tenant or a freeholder in Cambourne,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 in-depth market knowledge and the close ties they enjoy with Cambourne valuers.
Hugo was the the leasehold owner of a high value flat in Cambourne being marketed with a lease of just over 59 years left. Hugo on an informal basis spoke with his freeholder a well known London-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent initially set at £200 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Hugo to invoke his statutory right. Hugo obtained expert advice and was able to make a more informed decision and deal with the matter and readily saleable.
Dr Freddie Ricardo purchased a first floor apartment in Cambourne in February 2007. We are asked if we could shed any light on how much (roughly) price would be to extend the lease by 90 years. Similar premises in Cambourne with a long lease were valued around £235,200. The average ground rent payable was £45 billed monthly. The lease elapsed on 26 May 2091. Considering the 66 years unexpired we approximated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of costs.
Last month we were e-mailed by Mr E Evans , who completed a studio apartment in Cambourne in November 2005. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year extension to my lease. Identical properties in Cambourne with 100 year plus lease were in the region of £275,000. The mid-range amount of ground rent was £55 invoiced quarterly. The lease came to a finish on 4 August 2102. Having 77 years left we approximated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 plus expenses.