Main reasons to start your Chelsfield lease extension

Main reasons to start your Chelsfield lease extension today:

Increase your lease and increase your Chelsfield property value

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will ordinarily be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Chelsfield. Inevitably, the term of lease remaining shortens over time. This may slip by relatively unnoticed when the flat or house needs to be disposed of or re-mortgaged. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease. Eligible leaseholders in Chelsfield have the legal entitlement to extend the lease for a further 90 years in accordance with Leasehold Reform legislation. Do give careful consideration before putting off your Chelsfield lease extension. Putting off the cost now simply increases the price you will eventually have to pay to extend your lease

An extended lease has roughly the same value as a freehold

Leasehold premises in Chelsfield with over one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.

Lending institutions will not lend with a short lease

Almost all mortgage companies insist on a lengthy amount of time left on any leasehold property before they will contemplate it as adequate security. Even if you don't need a mortgage, you should bear in mind that it is reasonable to assume that someone wishing to purchase your property in the future might well do, so in the event that they can't secure a mortgage, then the financial worth of your property could suffer. Since 2008 most banks and building societies have increased the required minimum lease length that they are prepared to accept

Get in touch with one of our Chelsfield lease extension solicitors or enfranchisement solicitors

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

Chelsfield Lease Extension Example Cases:

Sam, Chelsfield, South East London,

Sam was the the leasehold owner of a studio apartment in Chelsfield on the market with a lease of fraction over 59 years left. Sam informally approached his freeholder being a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent to start with set at £200 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Sam to invoke his statutory right. Sam obtained expert advice and was able to make an informed decision and handle with the matter and sell the flat.

Chelsfield case:

Last month we were contacted by Mr Riley Clark , who completed a first floor apartment in Chelsfield in May 2009. We are asked if we could approximate the price would be to extend the lease by an additional years. Comparative properties in Chelsfield with a long lease were valued around £206,200. The mid-range amount of ground rent was £55 billed monthly. The lease elapsed on 14 January 2082. Taking into account 56 years as a residual term we estimated the premium to the landlord to extend the lease to be within £31,400 and £36,200 plus legals.