Main reasons to start your Chelsfield lease extension

Main reasons to commence your Chelsfield lease extension today:

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

Chelsfield leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. The majority of owners of residential leasehold property in Chelsfield enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Chelsfield you would be well advised to investigate if your lease has between 70 and 90 years remaining. There are good reasons why a Chelsfield flat owner with a lease having around 80 years left should take action to make sure that a lease extension is effected without delay

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

Leasehold properties in Chelsfield with over 100 years unexpired 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 situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges justify it.

Lending institutions may not lend with a short lease

Most mortgage lenders have tightened lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against flats with shorter lease terms, particularly under seventy years as they are deemed to be inadequate for lending purposes.

Why use us for your lease extension in Chelsfield?

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 in-depth market knowledge and the close ties they enjoy with Chelsfield valuers.

Chelsfield Lease Extension Example Cases:

Holly, Chelsfield, South East London,

Following protracted discussions with the freeholder of her garden flat in Chelsfield, Holly initiated the lease extension process as the eighty year deadline was swiftly nearing. The transaction was finalised in November 2014. The landlord’s charges were restricted to about 500 GBP.

Chelsfield case:

In 2013 we were called by Dr Maisie Johnson who, having purchased a one bedroom flat in Chelsfield in September 2007. We are asked if we could estimate the price would likely be to extend the lease by ninety years. Comparative premises in Chelsfield with 100 year plus lease were in the region of £181,600. The mid-range amount of ground rent was £55 collected annually. The lease concluded in 2078. Considering the 52 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £30,400 and £35,200 plus expenses.