Top reasons for Chesham lease extension

Main reasons to commence your Chesham lease extension today:

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

As the the remaining lease term of a Chesham domestic lease decreases so does its value and therefore the value of your property. Where the lease has, more than 100 years remaining then this decrease may be fractional however there will become a stage when a lease has less than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary reason why you should consider extending sooner rather than later. Most flat owners in Chesham will meet the qualifying criteria; nevertheless a lawyer will be able to advise whether you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

Chesham property with a lease extension is almost the same value as a freehold

It is generally accepted that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Lending institutions may not issue a mortgage with a short lease

Banks and building societies are making their criteria more stringent and a meaningful number now require flats to have at least sixty if not seventy years left at the end of the mortgage. Considering a number of flats in Chesham were built in the 1950s, 1960s and 1970s this means many now need to be extended if they if they are to be mortgageable.

What makes us experts in Chesham lease extensions?

Retaining our service will provide you better control over the value of your Chesham leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Chesham Lease Extension Case Summaries:

Jake, Chesham, Buckinghamshire

Last Summer Jake, started to get near to the eighty-year threshold with the lease on his leasehold apartment in Chesham. In buying his home two decades ago, the unexpired term was of little concern. Luckily, it dawned on him that he needed to take steps soon on a lease extension. Jake was able to extend his lease just ahead of time last August. Jake and the freeholder via the management company ultimately agreed on the final figure of £5,000 . If the lease had slid below 80 years, the premium would have become more costly by a minimum £850.

Chesham case:

Last year we were contacted by Mr and Mrs. W Ricardo , who took over the lease of a purpose-built flat in Chesham in October 2002. We are asked if we could estimate the premium would likely be to prolong the lease by ninety years. Comparable properties in Chesham with 100 year plus lease were worth £193,400. The average amount of ground rent was £65 billed quarterly. The lease expired in 2085. Given that there were 59 years remaining we estimated the premium to the freeholder for the lease extension to be within £21,900 and £25,200 not including professional charges.

Chesham case:

In 2011 we were called by Mr and Mrs. N Williams who, having acquired a basement flat in Chesham in April 2001. The question was if we could estimate the price could be for a ninety year extension to my lease. Comparable flats in Chesham with 100 year plus lease were valued around £255,000. The mid-range ground rent payable was £50 billed yearly. The lease expiry date was on 22 September 2096. Given that there were 70 years unexpired we calculated the premium to the landlord to extend the lease to be between £10,500 and £12,000 exclusive of legals.