Stop! Your Lease Extension in Cubitt Town Could Be FREE

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Many leaseholders in Cubitt Town 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 Cubitt Town 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.

Top reasons for Cubitt Town lease extension

Main reasons to start your Cubitt Town lease extension today:

A Cubitt Town lease depreciates with the years remaining on the lease.

Cubitt Town leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Cubitt Town residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Cubitt Town you would be well advised to check if your lease has between seventy and ninety years left. There are compelling reasons why a Cubitt Town flat owner with a lease having around 80 years remaining should take steps to ensure that a lease extension is actioned without delay

Cubitt Town property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with more than 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Lending institutions may decide not to grant a mortgage with a short lease

Most banks have narrowed their lending criteria in recent years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against property with shorter lease terms, particularly under seventy years as they are considered to be inadequate for lending purposes.

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
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.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Why use us for your lease extension in Cubitt Town?

The conveyancing solicitors that we work with undertake Cubitt Town lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Cubitt Town Lease Extension Example Cases:

Alice, Cubitt Town, London,

Trailing lengthy negotiations with the landlord of her garden flat in Cubitt Town, Alice started the lease extension process just as her lease was approaching the crucial eighty-year deadline. The lease extension was finalised in April 2009. The landlord’s costs were kept to an absolute minimum.

Cubitt Town case:

Last Summer we were contacted by Mr Finley Allen , who bought a purpose-built flat in Cubitt Town in September 2010. We are asked if we could approximate the compensation to the landlord could be to extend the lease by ninety years. Comparative homes in Cubitt Town with an extended lease were valued about £213,600. The mid-range amount of ground rent was £60 billed every twelve months. The lease ended in 2083. Having 57 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £30,400 and £35,200 plus expenses.

Decision in Southwark

An example of a Freehold Enfranchisement decision for a Cubitt Town residence is 12, 14 & 16 Hull Close in May 2010. the Tribunal determined that the premium payable for the acquisition of the freehold to the subject premises was the sum of £18,300 This case was in relation to 3 flats. The remaining number of years on the lease was 101.61 years.