Top reasons for Chessington lease extension

Why you should commence your Chessington lease extension today:

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

The nearer a domestic lease in Chessington gets to zero years unexpired, the the greater the reduction in the value of the property. Where the lease has, over one hundred years to run then this decrease may be of little impact nevertheless there will become a stage when a lease has fewer than eighty years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main logic behind why you should extend the lease sooner as opposed to later. Most flat owners in Chessington will qualify for this right; that being said a lawyer should be able to advise if you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

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

Leasehold premises in Chessington with more than one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.

Lending institutions may not grant a mortgage with a short lease

Most mortgage lenders have tightened lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against flats with shorter lease terms, particularly below seventy years as they are considered to be insufficient for lending purposes.

What makes us experts in Chessington lease extensions?

Using our service gives you better control over the value of your Chessington leasehold, as your property will be more valuable and marketable in terms of lease length should you wish 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.

Chessington Lease Extension Example Cases:

Rachael, Chessington, South West London,

In the wake of 6 months of unsuccessful correspondence with the landlord of her ground floor apartment in Chessington, Rachael initiated the lease extension process as the eighty year threshold was rapidly advancing. The legal work completed in October 2012. The freeholder’s charges were kept to an absolute minimum.

Chessington case:

In 2011 we were contacted by Dr Finley Baker who, having bought a studio apartment in Chessington in October 1999. We are asked if we could estimate the premium would likely be to extend the lease by 90 years. Comparable properties in Chessington with an extended lease were valued around £210,600. The average amount of ground rent was £45 billed annually. The lease termination date was on 4 October 2087. Given that there were 62 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £18,100 and £20,800 exclusive of expenses.