Main reasons to commence your Chelsfield lease extension

Main reasons to start your Chelsfield lease extension today:

A Chelsfield lease depreciates with the years remaining on the lease.

The nearer a residential lease in Chelsfield nears to zero years unexpired, the more it reduces the value of the property. Where the lease has, beyond 100 years to run then this decrease may be fractional nevertheless there will become a point in time when a lease has under than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary logic behind why you should consider extending without delay. Most flat owners in Chelsfield will meet the qualifying criteria; that being said a conveyancer can confirm if you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.

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

Leasehold residencies in Chelsfield with over 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges merit it.

Lenders will not finance a property on a short lease

What makes us experts in Chelsfield lease extensions?

The conveyancing solicitors that we work with undertake Chelsfield 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 conveyancer we work with provide it.

Chelsfield Lease Extension Example Cases:

Isaac, Chelsfield, South East London,

Isaac owned a high value apartment in Chelsfield being marketed with a lease of just over sixty years remaining. Isaac informally contacted his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to an increased rent to £100 per annum. Ordinarily, ground rent would not be payable on a lease extension were Isaac to invoke his statutory right. Isaac obtained expert advice and secured an acceptable deal without resorting to tribunal and readily saleable.

Chelsfield case:

Last Autumn we were called by Mr A Michel , who owned a ground floor flat in Chelsfield in March 2008. The question was if we could approximate the compensation to the landlord could be for a ninety year lease extension. Identical homes in Chelsfield with 100 year plus lease were in the region of £275,000. The average ground rent payable was £65 billed monthly. The lease ran out on 27 June 2094. Having 68 years outstanding we calculated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 not including professional charges.