Why you should commence your Chislehurst lease extension

Main reasons to commence your Chislehurst lease extension today:

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

When it comes to domestic leasehold premises in Chislehurst, you are actually purchasing an entitlement to reside in a property for a set period of time. These days flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you may think about extending the lease sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease gets disproportionately more expensive particularly when there are fewer than eighty years remaining. Anyone in Chislehurst with a lease drawing near to 81 years left should seriously think of extending it as soon as possible. When a lease has less than 80 years left, under the relevant statute the freeholder can calculate and charge a larger amount, based on a technical calculation, known as “marriage value” which is payable.

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

Leasehold residencies in Chislehurst with in excess of 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges warrant it.

Mortgage lenders may not finance a property on a short lease

Nearly all mortgage companies will not lend on a lease with under 70 years left to run - although this varies between mortgage companies. A buyer will undoubtedly find it difficult in obtaining a mortgage and this will result in your Chislehurst property becoming difficult to sell or refinance.

What makes us experts in Chislehurst lease extensions?

Lease extensions in Chislehurst can be a difficult process. We recommend you obtain guidance 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 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 Example Cases:

Madeleine, Chislehurst, South East London,

Following protracted negotiations with the landlord of her purpose-built flat in Chislehurst, Madeleine started the lease extension process just as her lease was approaching the all-important eighty-year threshold. The legal work was finalised in July 2005. The landlord’s fees were kept to an absolute minimum.

Chislehurst case:

Mr and Mrs. B Moreau acquired a recently refurbished flat in Chislehurst in May 2010. The question was if we could estimate the premium would likely be to prolong the lease by 90 years. Comparable homes in Chislehurst with 100 year plus lease were in the region of £250,400. The mid-range ground rent payable was £65 collected quarterly. The lease ended in 2090. Given that there were 64 years unexpired we estimated the premium to the freeholder for the lease extension to be within £19,000 and £22,000 not including fees.