Why you should start your Chessington lease extension

Top reasons for lease extension now:

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

Chessington 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. Most owners of residential leasehold property in Chessington enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Chessington you must check if your lease has between seventy and 90 years remaining. There are good reasons why a Chessington flat owner with a lease having around 80 years remaining should take action to ensure that a lease extension is actioned without delay

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

Leasehold premises in Chessington with in excess of 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value 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 service charges merit it.

Lending institutions may decide not to lend with a short lease

Most banks have narrowed their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against property with shorter lease terms, particularly below seventy years as they are considered to be deficient security.

Why use us for your lease extension in Chessington?

Lease extensions in Chessington can be a difficult process. We recommend you get professional help from a lawyer and valuer with experience in lease extensions.

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 a wealth of experience 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.

Chessington Lease Extension Case Studies:

Lydia, Chessington, South West London,

Off the back of protracted negotiations with the freeholder of her two bedroom flat in Chessington, Lydia commenced the lease extension process just as her lease was coming close to the critical 80-year threshold. The transaction was concluded in November 2014. The freeholder’s fees were kept to an absolute minimum.

Chessington case:

In 2014 we were approached by Mr and Mrs. K Pérez who, having acquired a ground floor flat in Chessington in March 2009. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by an additional years. Similar flats in Chessington with a long lease were worth £235,200. The average amount of ground rent was £45 billed monthly. The lease expired on 24 June 2092. Given that there were 66 years left we approximated the premium to the landlord to extend the lease to be between £12,400 and £14,200 plus costs.