The rule of thumb is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Cambourne have the right to extend the lease for a further ninety years in accordance with statute. Please give careful consideration before delaying your Cambourne lease extension. Putting off that expense today simply increases the amount you will ultimately have to pay to extend the lease.
Leasehold premises in Cambourne with over 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Skipton Building Society | |
| The Mortgage Works | |
| Royal Bank of Scotland | |
| Virgin |
Lease extensions in Cambourne can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and valuer with experience in lease extensions.
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 dealing with Cambourne lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
18 months ago Kian, started to get close to the 80-year threshold with the lease on his two bedroom apartment in Cambourne. In buying his flat twenty years ago, the unexpired term was of little relevance. Thankfully, he became aware that he would soon be paying an escalated premium for Extending the lease. Kian extended the lease just under the wire in July. Kian and the landlord who owned the flat above ultimately settled on an amount of £6,000 . If the lease had dropped lower than 80 years, the amount would have increased by a minimum £950.
In 2009 we were called by Dr Niamh Murphy who, having owned a basement apartment in Cambourne in November 2011. We are asked if we could shed any light on how much (roughly) price would likely be to prolong the lease by ninety years. Identical residencies in Cambourne with 100 year plus lease were in the region of £270,000. The mid-range ground rent payable was £55 billed annually. The lease concluded on 1 July 2101. Given that there were 75 years as a residual term we estimated the premium to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of legals.
Last Winter we were called by Dr Eli Bonnet , who owned a basement apartment in Cambourne in November 2002. The question was if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by an additional years. Similar premises in Cambourne with an extended lease were worth £168,800. The mid-range amount of ground rent was £60 invoiced quarterly. The lease ended on 25 July 2081. Having 55 years remaining we calculated the compensation to the freeholder to extend the lease to be between £30,400 and £35,200 exclusive of costs.