Why you should commence your Chesham lease extension

Top reasons for lease extension now:

Increase your lease and increase your Chesham property value

On the balance of probabilities where you own a flat in Chesham you actually own a long leasehold interest over your property

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

It is generally considered that a property with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Lending institutions may not grant a mortgage on a short lease

Most banks and building societies will be unwilling to grant a mortgage on a lease with under seventy years unexpired - although this varies from lender to lender. A purchaser will undoubtedly encounter difficulties to obtain a mortgage and this could result in your Chesham property becoming difficult to sell or to obtain finance on.

What makes us experts in Chesham lease extensions?

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

Chesham Lease Extension Case Studies:

Amber, Chesham, Buckinghamshire,

Following unsuccessful discussions with the freeholder of her garden flat in Chesham, Amber started the lease extension process as the 80 year threshold was rapidly coming. The transaction was finalised in May 2005. The freeholder’s fees were restricted to a tad over 500 pounds.

Chesham case:

Last Winter we were phoned by Dr I Moore , who was assigned a lease of a garden flat in Chesham in July 2004. The question was if we could estimate the compensation to the landlord would likely be to extend the lease by 90 years. Comparable premises in Chesham with a long lease were worth £242,600. The average amount of ground rent was £45 collected monthly. The lease elapsed in 2093. Taking into account 67 years remaining we approximated the premium to the freeholder for the lease extension to be between £11,400 and £13,200 exclusive of professional charges.

Chesham case:

Mr J Hall moved into a first floor apartment in Chesham in March 2012. The question was if we could estimate the compensation to the landlord would likely be to extend the lease by an additional years. Similar flats in Chesham with an extended lease were valued about £280,000. The mid-range amount of ground rent was £55 collected monthly. The lease ran out in 2104. Given that there were 78 years left we approximated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 exclusive of legals.