Chatteris Lease Extension - Free Consultation

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Main reasons to start your Chatteris lease extension


Why you should commence your Chatteris lease extension today:

A Chatteris lease depreciates with the years remaining on the lease.

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will usually be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Chatteris. Inevitably, the length of lease left shortens over time. This is often ignored and only becomes a problem when the flat or house has to be disposed of or re-mortgaged. The shorter the lease the lower the value of the property and the more expensive it will be to procure a lease extension. Qualifying long lease owners in Chatteris have the legal entitlement to extend the lease for an additional 90 years in accordance with the 1993 Leasehold Reform Act. Do give careful consideration before delaying your Chatteris lease extension. Holding off that expense now only increases the price you will eventually incur to extend your lease

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with over 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the property will be worth the same as a freehold for many years ahead.

Mortgage lenders may not issue a mortgage on a short lease

Almost all mortgage lenders will not grant a mortgage on a lease with under 70 years unexpired - although this varies from lender to lender. A purchaser will undoubtedly encounter difficulties in obtaining a mortgage and this could result in your Chatteris property becoming difficult to sell or to obtain finance on.

Lender Requirement
Barclays plc Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below).

Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
Leeds Building Society 85 years remaining from the start of the mortgage.
National Westminster Bank 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.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Get in touch with one of our Chatteris lease extension solicitors or enfranchisement solicitors

Lease extensions in Chatteris can be a difficult process. We recommend you obtain 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 in-depth market knowledge dealing with Chatteris lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Chatteris Lease Extension Example Cases:

Sam, Chatteris, Cambridgeshire

During the course of the last few months Sam, came critically close to the 80-year mark with the lease on his studio apartment in Chatteris. In buying his flat two decades ago, the length of the lease was of minimal interest. As luck would have it, he became aware that he needed to take steps soon on a lease extension. Sam extended the lease at the eleventh hour last July. Sam and the freeholder in the end agreed on an amount of £5,000 . If the lease had gone to less than 80 years, the price would have increased by at least £850.

Chatteris case:

Dr Y Bell purchased a recently refurbished flat in Chatteris in June 1996. We are asked if we could shed any light on how much (roughly) price would likely be to prolong the lease by a further 90 years. Comparative residencies in Chatteris with a long lease were worth £290,000. The mid-range amount of ground rent was £45 billed every twelve months. The lease ended in 2097. Given that there were 73 years left we estimated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of fees.

Chatteris case:

In 2012 we were approached by Dr N Sharif who, having moved into a recently refurbished flat in Chatteris in January 2004. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by a further 90 years. Identical properties in Chatteris with a long lease were in the region of £240,600. The mid-range amount of ground rent was £60 invoiced every twelve months. The lease expiry date was on 14 November 2086. Having 62 years remaining we approximated the premium to the landlord for the lease extension to be between £21,900 and £25,200 plus expenses.