Chessington leases on domestic properties are gradually losing value. if your lease has about ninety years remaining, you should start thinking about a lease extension. 80 years is a significant number: when the remaining term of a lease falls below this level then you start paying an additional element called marriage value. Leasehold owners in Chessington will usually qualify for a lease extension; however it’s a good idea to check with a conveyancer to check if you qualify. In some circumstances you may not be entitled. There are prescribed deadlines and procedures to comply with once the process is triggered so it’s best to be guided by a lawyer during the process.
Leasehold properties in Chessington with over 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Chessington can be a difficult process. We recommend you get guidance from a lawyer and valuer well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Chessington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Sebastian was the the leasehold owner of a conversion apartment in Chessington being marketed with a lease of a few days over sixty years left. Sebastian on an informal basis approached his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £50 annually. Ordinarily, ground rent would not be due on a lease extension were Sebastian to invoke his statutory right. Sebastian obtained expert advice and secured satisfactory deal informally and ending up with a market value flat.
Dr B Walker completed a first floor flat in Chessington in October 1999. We are asked if we could estimate the compensation to the landlord could be to extend the lease by 90 years. Comparative residencies in Chessington with an extended lease were in the region of £280,000. The average ground rent payable was £55 collected annually. The lease ran out on 10 October 2104. Taking into account 78 years remaining we approximated the compensation to the freeholder to extend the lease to be within £13,300 and £15,400 plus professional charges.
An example of a Lease Extension decision for a Chessington property is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case related to 1 flat.