Stop! Your Lease Extension in Cambourne Could Be FREE

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Many leaseholders in Cambourne are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Cambourne has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should start your Cambourne lease extension

Top reasons for lease extension now:

Increase your lease and increase your Cambourne property value

When it comes to long leasehold property in Cambourne, you are in fact renting it for a certain amount of time. In recent years flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you may consider a lease extension sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly particularly when there are fewer than eighty years remaining. Residents in Cambourne with a lease approaching 81 years left should seriously think of extending it sooner as opposed to later. Once a lease has under eighty years outstanding, under the current legislation the freeholder can calculate and levy a greater amount, assessed on a technical calculation, strangely termed as “marriage value” which is due.

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

Leasehold premises in Cambourne with more than one hundred years outstanding 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 situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges warrant it.

Banks and Building Societies may not finance a property with a short lease

Nearly all banks and building societies insist on a lengthy amount of time remaining on a leasehold residence before they will contemplate providing a mortgage on it. Even if you don't require a mortgage, you should bear in mind that it is likely that someone intending to buy your property in the future might well do, so where they can't obtain a mortgage, then the market price of your property will likely be adversely impacted. In the last decade many banks and building societies have increased the required minimum lease length that they are willing to lend on

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Santander

If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest.

You must report the unexpired lease term to us and await our instructions if: 
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided.
 


We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.

Yorkshire Building Society 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.

What makes us experts in Cambourne lease extensions?

Regardless of whether you are a tenant or a freeholder in Cambourne,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Cambourne valuers.

Cambourne Lease Extension Example Cases:

Jason, Cambourne, Cambridgeshire

Last year Jason, started to get close to the 80-year threshold with the lease on his ground floor flat in Cambourne. In buying his flat 18 years previously, the unexpired term was of no concern. As luck would have it, he noticed he needed to take steps soon on Extending the lease. Jason was able to extend his lease just in the nick of time in March. Jason and the landlord ultimately settled on an amount of £5,500 . If he not met the deadline, the figure would have escalated by a minimum £875.

Cambourne case:

In 2011 we were e-mailed by Dr Archie Harris who, having took over the lease of a first floor flat in Cambourne in September 1996. The question was if we could approximate the premium could be for a 90 year extension to my lease. Similar premises in Cambourne with 100 year plus lease were in the region of £280,000. The average ground rent payable was £55 billed monthly. The lease ran out in 2104. Considering the 78 years left we approximated the premium to the freeholder to extend the lease to be between £13,300 and £15,400 exclusive of costs.

Cambourne case:

In 2011 we were called by Ms Lily Lewis who, having owned a one bedroom flat in Cambourne in January 2000. The dilemma was if we could estimate the premium would likely be for a ninety year extension to my lease. Comparable residencies in Cambourne with 100 year plus lease were worth £186,000. The average ground rent payable was £65 invoiced quarterly. The lease came to a finish in 2084. Taking into account 58 years remaining we estimated the premium to the landlord to extend the lease to be within £24,700 and £28,600 not including legals.