Why you should start your Chellaston lease extension

Top reasons for lease extension now:

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

The value of Chellaston leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate significantly once the unexpired lease term is less than eighty years

An extended lease is almost the same value as a freehold

It is generally considered that a property with more than 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 45 years left, the residence will be equivalent in value to a freehold for many years in the future.

Lending institutions may not finance a property with a short lease

Banks and Building Societies have set criteria when lending monies secured on leasehold property. Some will simply refrain from lending at all once the residual lease term goes below a certain unexpired lease term. Many Lending institutions will not consider property with a remaining below seventy years as adequate security. In addition to this being important when selling, it is also relevant where you are intending to refinance your Chellaston home.

Why use us for your lease extension in Chellaston?

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

Chellaston Lease Extension Example Cases:

Lucy, Chellaston, Derbyshire,

Following unsuccessful negotiations with the landlord of her studio apartment in Chellaston, Lucy started the lease extension process as the 80 year deadline was rapidly advancing. The transaction was concluded in March 2005. The freeholder’s fees were kept to an absolute minimum.

Chellaston case:

Mr and Mrs. P Wilson purchased a first floor apartment in Chellaston in September 2008. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year lease extension. Similar residencies in Chellaston with an extended lease were worth £260,000. The average amount of ground rent was £50 billed annually. The lease terminated in 2098. Given that there were 72 years unexpired we approximated the premium to the landlord for the lease extension to be between £9,500 and £11,000 plus professional charges.

Chellaston case:

In 2013 we were e-mailed by Dr N Adams who, having moved into a studio apartment in Chellaston in May 2008. The question was if we could approximate the compensation to the landlord would likely be to extend the lease by ninety years. Similar residencies in Chellaston with a long lease were in the region of £261,600. The mid-range amount of ground rent was £60 invoiced per annum. The lease elapsed in 2078. Taking into account 52 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £39,000 and £45,000 plus fees.