Chalfont St Giles leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. The majority of owners of residential leasehold property in Chalfont St Giles enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Chalfont St Giles you would be well advised to see if your lease has between 70 and 90 years left. There are good reasons why a Chalfont St Giles leaseholder with a lease having around 80 years unexpired should take action to ensure that a lease extension is put in place without delay
It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Coventry Building Society | 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| 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. |
Irrespective of whether you are a tenant or a landlord in Chalfont St Giles,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Chalfont St Giles valuers.
In 2014 Jamie, started to get close to the eighty-year mark with the lease on his one bedroom apartment in Chalfont St Giles. Having purchased his home 19 years ago, the lease term was of minimal importance. Thankfully, he became aware that he needed to take action soon on a lease extension. Jamie was able to extend his lease at the eleventh hour last June. Jamie and the freeholder eventually agreed on sum of £6,000 . If he failed to meet the deadline, the price would have become more exhorbitant by at least £925.
Last Spring we were phoned by Mr and Mrs. J Edwards , who bought a one bedroom flat in Chalfont St Giles in July 2000. We are asked if we could approximate the compensation to the landlord would be to extend the lease by a further 90 years. Comparable premises in Chalfont St Giles with 100 year plus lease were in the region of £267,600. The mid-range amount of ground rent was £65 billed per annum. The lease lapsed on 11 May 2093. Having 67 years outstanding we calculated the premium to the freeholder to extend the lease to be within £14,300 and £16,400 exclusive of expenses.
In 2013 we were approached by Mrs V Thompson who, having moved into a newly refurbished apartment in Chalfont St Giles in September 1995. We are asked if we could estimate the premium would likely be for a ninety year extension to my lease. Comparative homes in Chalfont St Giles with a long lease were in the region of £201,200. The mid-range ground rent payable was £55 billed monthly. The lease expired in 2082. Given that there were 56 years left we calculated the compensation to the freeholder to extend the lease to be between £31,400 and £36,200 plus costs.