Stop! Your Lease Extension in Chelsfield Could Be FREE

Get a Free Case Review
Many leaseholders in Chelsfield 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 Chelsfield 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.

Main reasons to commence your Chelsfield lease extension

Top reasons for lease extension now:

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

For those whose Chelsfield flat is held on a long lease, the message is clear – if you do nothing, your property will ultimately revert to your landlord, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more it will cost to obtain a lease extension.

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

Leasehold properties in Chelsfield with over one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.

Mortgage lenders may not loan monies on a short lease

Most banks have tightened lending criteria in recent years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against flats with shorter lease terms, particularly below 75 years as they are regarded as deficient security.

Lender Requirement
Bank of Scotland
Birmingham Midshires
Skipton Building Society
TSB
Yorkshire Building Society

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

Regardless of whether you are a tenant or a landlord in Chelsfield,the lease extension lawyers 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:

Leo, Chelsfield, South East London

In 2014 Leo, started to get close to the 80-year mark with the lease on his leasehold flat in Chelsfield. In buying his property two decades ago, the unexpired term was of little interest. by good luck, he became aware that he needed to take action soon on a lease extension. Leo extended the lease just in the nick of time in July. Leo and the freeholder in the end agreed on a premium of £6,000 . If he failed to meet the deadline, the figure would have escalated by a minimum £975.

Chelsfield case:

In 2011 we were e-mailed by Mr G David who, having bought a garden flat in Chelsfield in May 2005. We are asked if we could approximate the price would likely be for a 90 year lease extension. Identical flats in Chelsfield with a long lease were worth £205,000. The average ground rent payable was £50 collected monthly. The lease ran out on 11 August 2105. Given that there were 79 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of costs.

Decision in Bromley

An example of a Lease Extension case for a Chelsfield property is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case was in relation to 1 flat. The unexpired term was 50.57 years.