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Top reasons for Chislehurst lease extension

Main reasons to start your Chislehurst lease extension today:

Increase your lease and increase your Chislehurst property value

Chances are that where you own a flat in Chislehurst you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is generally considered that a property with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the premises will be worth the same as a freehold for many years in the future.

Lenders may not grant a mortgage on a short lease

The trend since 2008 has been for mortgage companies to tighten lending requirements generally - this has extended to the types of security over which the mortgage is to be granted. This has resulted in the unexpired lease term required by mortgage companies has increased. Historically banks would lend on a lease with twenty years plus the term of the loan - typically fifty year leases but those requirements have been chipped away by the requirement for lengthy leases - many now have a minimum term of 75 years as a prerequisite.

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
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.
Halifax Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Yorkshire 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.

Why use us for your lease extension in Chislehurst?

Lease extensions in Chislehurst can be a difficult process. We recommend you procure professional help from a conveyancer and valuer well versed in the legislation and lease extension process.

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 a wealth of experience dealing with Chislehurst lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Chislehurst Lease Extension Case Summaries:

Jodie, Chislehurst, South East London,

Trailing unsuccessful discussions with the freeholder of her garden apartment in Chislehurst, Jodie initiated the lease extension process just as her lease was nearing the critical 80-year mark. The legal work was finalised in February 2010. The landlord’s charges were restricted to slightly above 550 GBP.

Chislehurst case:

Last Autumn we were phoned by Dr I André , who was assigned a lease of a one bedroom flat in Chislehurst in October 2005. We are asked if we could approximate the premium could be to extend the lease by a further 90 years. Comparative properties in Chislehurst with a long lease were in the region of £265,200. The mid-range amount of ground rent was £65 invoiced every twelve months. The lease expired in 2091. Given that there were 66 years unexpired we estimated the premium to the landlord to extend the lease to be within £15,200 and £17,600 not including professional charges.

Decision in Bromley

An example of a Lease Extension case for a Chislehurst flat is 70 Andace Park Gardens 133-149 Widmore Road in November 2013. Tribunal determined that the premium payable for the lease extension was £10,052 This case affected 1 flat. The unexpired residue of the current lease was 72 years.