Why you should start your Chelmsford lease extension

Main reasons to commence your Chelmsford lease extension today:

Increase your lease and increase your Chelmsford property value

The market value of Chelmsford 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 substantially once the remaining term is less than 80 years

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 35 years left, the premises will be equivalent in value to a freehold for decades to come.

Mortgage lenders may not issue a mortgage on a short lease

Lenders do not lend on short residential leases. You are likely to experience problems if you wish to sell your flat in Chelmsford if the remaining term of your lease is under the criteria set by most lenders. Different mortgage companies have varying requirements but generally they are looking for a minimum remaining lease term of 65 years.

Why use us for your lease extension in Chelmsford?

Lease extensions in Chelmsford can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and surveyor with experience in this area.

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 Chelmsford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Chelmsford Lease Extension Case Studies:

Felix, Chelmsford, Essex

In recent months Felix, came seriously close to the eighty-year threshold with the lease on his basement apartment in Chelmsford. In buying his property twenty years ago, the lease term was of minimal concern. Fortunately, he noticed he would soon be paying way over the odds for a lease extension. Felix arranged for a lease extension just under the wire in March. Felix and the freeholder via the managing agents eventually settled on sum of £6,000 . If he had missed the deadline, the amount would have become more costly by at least £850.

Chelmsford case:

In 2013 we were contacted by Mr and Mrs. W White who, having was assigned a lease of a purpose-built flat in Chelmsford in April 2010. The dilemma was if we could shed any light on how much (approximately) price could be for a 90 year lease extension. Similar premises in Chelmsford with a long lease were worth £275,000. The mid-range ground rent payable was £55 collected monthly. The lease end date was on 8 March 2103. Considering the 77 years as a residual term we estimated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 not including costs.

Chelmsford case:

Mrs Stephanie Simon was assigned a lease of a studio apartment in Chelmsford in January 1995. The dilemma was if we could estimate the premium could be to extend the lease by 90 years. Comparative premises in Chelmsford with 100 year plus lease were in the region of £183,600. The average ground rent payable was £65 invoiced per annum. The lease expiry date was on 25 March 2083. Having 57 years remaining we calculated the premium to the freeholder to extend the lease to be within £28,500 and £33,000 exclusive of expenses.