The basic rule is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Chester may extend the lease for a further ninety years in accordance with legislation. Please think carefully before delaying your Chester lease extension. Shelving that expense now simply increases the premium you will eventually be required to pay for a lease extension.
It is generally considered that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 45 years unexpired, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
Using our service gives you better control over the value of your Chester leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
After unsuccessful negotiations with the freeholder of her leasehold flat in Chester, Charlotte started the lease extension process as the 80 year deadline was swiftly coming. The lease extension was finalised in May 2015. The freeholder’s charges were kept to an absolute minimum.
Mr and Mrs. D Anderson moved into a basement flat in Chester in March 2005. We are asked if we could approximate the price could be to extend the lease by ninety years. Comparative premises in Chester with 100 year plus lease were worth £206,200. The mid-range ground rent payable was £60 collected annually. The lease expired in 2081. Given that there were 56 years remaining we approximated the compensation to the landlord for the lease extension to be between £32,300 and £37,400 not including expenses.
Last Spring we were e-mailed by Mr and Mrs. Y Phillips , who was assigned a lease of a studio flat in Chester in August 1995. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by an additional years. Comparable properties in Chester with an extended lease were in the region of £200,000. The mid-range amount of ground rent was £50 billed yearly. The lease finished on 14 September 2101. Considering the 76 years remaining we estimated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 plus professional charges.