Why you should commence your Chislehurst lease extension

Main reasons to start your Chislehurst lease extension today:

Increase your lease and increase your Chislehurst property value

Owning a flat usually means owning a lease of the property, which has a set term of years. your lease will normally be granted for a set period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Chislehurst. Clearly, the length of lease left shortens as time goes by. This is often ignored and only raises itself as an issue when the property has to be sold or re-mortgaged. The shorter the lease the lower the value of the property and the more expensive it will be to extend the lease. Eligible long lease owners in Chislehurst have the legal entitlement to extend the lease for a further ninety years in accordance with Leasehold Reform legislation. Do give careful consideration before delaying your Chislehurst lease extension. Holding off that expense now likely increases the price you will eventually incur to extend your lease

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

It is generally accepted that a property with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the residence will be worth the same as a freehold for decades to come.

Lending institutions may decide not to issue a mortgage with a short lease

Banks and building societies are making their criteria more stringent and many now want flats to have at least sixty if not seventy years remaining once the mortgage has expired. As plenty of flats in Chislehurst were created in the fifties, sixties and seventies this means many now need to be extended if they if they are to be mortgageable.

Get in touch with one of our Chislehurst lease extension solicitors or enfranchisement solicitors

Using our service gives you enhanced control over the value of your Chislehurst leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Chislehurst Lease Extension Example Cases:

Kian, Chislehurst, South East London

In recent months Kian, came critically near to the 80-year mark with the lease on his garden flat in Chislehurst. Having purchased his home 18 years ago, the lease term was of no concern. Fortunately, he realised he would soon be paying way over the odds for Extending the lease. Kian extended the lease just ahead of time last September. Kian and the landlord who owned the flat above subsequently settled on an amount of £5,000 . If he failed to meet the deadline, the sum would have become more exhorbitant by at least £1,000.

Chislehurst case:

In 2011 we were approached by Mr and Mrs. N Sánchez who, having owned a one bedroom apartment in Chislehurst in October 2005. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be to extend the lease by 90 years. Similar properties in Chislehurst with an extended lease were worth £290,000. The mid-range ground rent payable was £45 billed annually. The lease terminated on 10 July 2098. Taking into account 72 years remaining we calculated the compensation to the landlord for the lease extension to be between £11,400 and £13,200 exclusive of professional charges.