Why you should commence your Cambourne lease extension

Main reasons to start your Cambourne lease extension today:

Increase your lease and increase your Cambourne property value

As the length of the unexpired term of a Cambourne residential lease lessens so does its value and therefore the value of your property. Where the lease has, over 99 years remaining then this decrease may be fractional 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 known as a marriage value. This could be significant. It is the primary rational as to why you should extend the lease without delay. Most flat owners in Cambourne will meet the qualifying criteria; however a conveyancing solicitor will be able to confirm whether you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

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

It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 35 years remaining, the premises will be worth the same as a freehold for decades to come.

Banks and Building Societies may not issue a mortgage on a short lease

Lending institutions have specific criteria when lending monies secured on leasehold homes. Many will simply not lend at all once an unexpired lease term falls below a certain unexpired lease term. Many Lending institutions will not regard property with a remaining term of less than seventy years as adequate security. As well as this being important when selling, it is also relevant where you are seeking to refinance your Cambourne property.

What makes us experts in Cambourne lease extensions?

Using our service will provide you enhanced control over the value of your Cambourne leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Cambourne Lease Extension Example Cases:

Jessica, Cambourne, Cambridgeshire,

Following unsuccessful negotiations with the landlord of her one bedroom apartment in Cambourne, Jessica initiated the lease extension process as the eighty year mark was fast coming. The transaction completed in July 2005. The landlord’s charges were kept to an absolute minimum.

Cambourne case:

Dr Ibrahim Baker bought a newly refurbished apartment in Cambourne in March 1998. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be to extend the lease by an additional years. Comparative residencies in Cambourne with a long lease were valued about £256,600. The mid-range amount of ground rent was £60 invoiced yearly. The lease finished in 2078. Considering the 52 years outstanding we approximated the premium to the freeholder for the lease extension to be between £39,000 and £45,000 plus expenses.

Cambourne case:

Last Christmas we were e-mailed by Mr Harrison Gunderson , who bought a purpose-built apartment in Cambourne in May 2012. We are asked if we could estimate the price would be to extend the lease by an additional years. Comparative properties in Cambourne with an extended lease were in the region of £218,000. The average amount of ground rent was £45 invoiced yearly. The lease terminated on 2 November 2089. Taking into account 63 years remaining we approximated the compensation to the landlord for the lease extension to be between £17,100 and £19,800 not including legals.