Why you should start your Chessington lease extension

Main reasons to start your Chessington lease extension today:

Increase your lease and increase your Chessington property value

Chessington leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. Legislation has been in place for sometime now which entitles qualifying Chessington residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Chessington you must see if your lease has between 70 and 90 years remaining. There are compelling reasons why a Chessington flat owner with a lease having around 80 years unexpired should take steps to make sure that a lease extension is effected without delay

Chessington property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Chessington with over one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges warrant it.

Lenders may not lend on a short lease

Banks and Building Societies have specific criteria when loaning funds secured on leasehold homes. Some will simply not lend at all once an unexpired lease term falls beneath a certain unexpired lease term. Many Banks and Building Societies will not regard property with an unexpired term of less than seventy years suitable security. As well as impacting your ability to sell, it is also relevant where you are intending to remortgage your Chessington home.

What makes us experts in Chessington lease extensions?

Regardless of whether you are a tenant or a landlord in Chessington,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Chessington valuers.

Chessington Lease Extension Example Cases:

Freddie, Chessington, South West London,

Freddie was the the leasehold proprietor of a 2 bedroom apartment in Chessington being sold with a lease of a few days over 59 years unexpired. Freddie informally contacted his freeholder a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent at the outset set at £200 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Freddie to invoke his statutory right. Freddie procured expert advice and was able to make a more informed decision and handle with the matter and readily saleable.

Chessington case:

Last Winter we were phoned by Mr and Mrs. N James , who owned a ground floor flat in Chessington in October 2007. The question was if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Comparative flats in Chessington with an extended lease were in the region of £255,000. The mid-range amount of ground rent was £50 billed per annum. The lease ran out in 2096. Given that there were 70 years left we estimated the premium to the freeholder for the lease extension to be between £10,500 and £12,000 plus costs.