Unfortunately that a Chelmsley Wood residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the first few years due to the loss of value being disguised by increases in the Chelmsley Wood property market.Where your lease has approximately 90 years left, you need to start thinking about a lease extension. If the number of years remaining dips under eighty years, you will then be required to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add the property Most flat owners in Chelmsley Wood will be able to extend under the legislation; however a lawyer will be able to clarify if you are eligibility. In some situations you may not be entitled. There are also strict timetables and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancer throughout the formalities.
It is generally considered that a property with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Halifax | |
| TSB |
Lease extensions in Chelmsley Wood can be a difficult process. We recommend you procure guidance from a conveyancing solicitor 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 a wealth of experience procuring Chelmsley Wood lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After lengthy discussions with the landlord of her studio apartment in Chelmsley Wood, Eleanor started the lease extension process as the 80 year deadline was swiftly coming. The transaction completed in October 2005. The freeholder’s fees were restricted to approximately four hundred pounds.
Last month we were called by Mr Jasper Campbell , who acquired a studio apartment in Chelmsley Wood in March 2010. The question was if we could shed any light on how much (approximately) price would likely be for a 90 year lease extension. Comparative homes in Chelmsley Wood with a long lease were valued around £285,000. The average ground rent payable was £55 billed every twelve months. The lease ended in 2105. Having 79 years remaining we estimated the premium to the freeholder for the lease extension to be within £13,300 and £15,400 not including costs.
In 2013 we were called by Dr P François who, having acquired a purpose-built apartment in Chelmsley Wood in July 2012. We are asked if we could estimate the price would likely be to extend the lease by an additional years. Comparative flats in Chelmsley Wood with a long lease were in the region of £193,400. The average ground rent payable was £65 invoiced every twelve months. The lease expired on 27 February 2085. Given that there were 59 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £21,900 and £25,200 exclusive of costs.