Why you should commence your Chesham Bois lease extension

Top reasons for lease extension now:

A Chesham Bois lease depreciates with the years remaining on the lease.

Chesham Bois leases on residential properties are gradually losing value. Where your lease has approximately 90 years left, you should start considering the need for a lease extension. If lease term is less than 80 years, you will then be required to pay 50% of the property's 'marriage value' in addition to the standard cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Chesham Bois will mostly qualify for a lease extension; however It would be wise to check with a lawyer to confirm your eligibility. In certain cases you may not be entitled. There are also strict timetables and steps to follow once the process is triggered so it’s best to be guided by a conveyancing solicitor during the process.

Chesham Bois property with a lease extension has roughly the same value as a freehold

Leasehold properties in Chesham Bois with more than 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges warrant it.

Banks and Building Societies may not grant a mortgage on a short lease

Mortgage companies are tightening their criteria and many now expect flats to have a minimum of 60 if not 70 years left once the mortgage has expired. Considering a number of flats in Chesham Bois were built in the fifties, sixties and seventies this means many now need to be extended if they if they are to be mortgageable.

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

Regardless of whether you are a tenant or a freeholder in Chesham Bois,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 in-depth market knowledge and the close ties they enjoy with Chesham Bois valuers.

Chesham Bois Lease Extension Case Summaries:

Jason, Chesham Bois, Buckinghamshire

In 2014 Jason, started to get near to the eighty-year mark with the lease on his first floor flat in Chesham Bois. Having bought his property two decades ago, the lease term was of little concern. As luck would have it, he recognised he would soon be paying an escalated premium for Extending the lease. Jason was able to extend his lease just under the wire last March. Jason and the landlord ultimately agreed on an amount of £6,000 . If he failed to meet the deadline, the amount would have gone up by a minimum £1,075.

Chesham Bois case:

Last Spring we were approach by Mr and Mrs. O Lambert , who purchased a newly refurbished flat in Chesham Bois in January 1995. The question was if we could shed any light on how much (approximately) price could be to prolong the lease by 90 years. Identical residencies in Chesham Bois with an extended lease were in the region of £265,000. The average ground rent payable was £50 billed monthly. The lease concluded on 7 September 2099. Considering the 73 years unexpired we approximated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 not including professional charges.

Chesham Bois case:

Mr and Mrs. B Bertrand was assigned a lease of a one bedroom flat in Chesham Bois in March 2002. We are asked if we could shed any light on how much (approximately) price would be to extend the lease by an additional years. Comparable premises in Chesham Bois with a long lease were worth £264,000. The mid-range ground rent payable was £60 collected yearly. The lease expired in 2079. Given that there were 53 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £37,100 and £42,800 exclusive of costs.