Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will ordinarily be granted for a fixed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Chatteris. Clearly, the length of lease remaining reduces over time. This may slip by relatively unnoticed when the flat or house needs to be disposed of or refinanced. The fewer the years remaining the less it is worth and the more it will cost to extend the lease. Qualifying long lease owners in Chatteris have the legal entitlement to extend the lease for a further 90 years under Leasehold Reform legislation. Please give careful consideration before putting off your Chatteris lease extension. Putting off that expense now simply increases the price you will eventually have to pay to extend your lease
It is generally considered that a residential leasehold with over 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Leeds Building Society | |
| Santander | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
The lawyers that we work with undertake Chatteris 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 lawyer we work with provide it.
Nathaniel was the the leasehold proprietor of a conversion apartment in Chatteris being marketed with a lease of a little over 61 years unexpired. Nathaniel informally contacted his freeholder a well known London-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £100 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Nathaniel to invoke his statutory right. Nathaniel obtained expert legal guidance and was able to make an informed judgement and handle with the matter and readily saleable.
Mr and Mrs. Y Wood moved into a garden apartment in Chatteris in August 2012. The dilemma was if we could approximate the compensation to the landlord would be to prolong the lease by ninety years. Similar properties in Chatteris with 100 year plus lease were valued around £280,000. The mid-range ground rent payable was £45 billed annually. The lease finished on 1 June 2095. Taking into account 69 years remaining we approximated the premium to the landlord for the lease extension to be between £12,400 and £14,200 exclusive of expenses.
Last June we were contacted by Mrs Daisy Cox , who completed a one bedroom flat in Chatteris in May 2004. The dilemma was if we could estimate the premium would be to extend the lease by ninety years. Identical premises in Chatteris with a long lease were in the region of £216,000. The average ground rent payable was £60 collected annually. The lease expired in 2084. Considering the 58 years remaining we calculated the compensation to the freeholder for the lease extension to be within £28,500 and £33,000 plus expenses.