Chaddesley Corbett leases on residential properties are gradually losing value. Where your lease has in the region of 90 years left, you should start considering the need for a lease extension. If lease term is less than eighty years, you will then have to pay half of the property's 'marriage value' on top of the standard cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Chaddesley Corbett will usually qualify for a lease extension; however a solicitor should be able confirm if you qualify. In some circumstances you may not qualify. There are prescribed deadlines and steps to follow once the process has commenced so it’s prudent to be guided by a conveyancing solicitor during the process.
It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 45 years remaining, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Coventry Building Society | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Royal Bank of Scotland |
Lease extensions in Chaddesley Corbett can be a difficult process. We recommend you get guidance from a conveyancing solicitor 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 in-depth market knowledge procuring Chaddesley Corbett lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Theo was the the leasehold proprietor of a 2 bedroom flat in Chaddesley Corbett on the market with a lease of fraction over 59 years unexpired. Theo informally contacted his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £200 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Theo to exercise his statutory right. Theo procured expert legal guidance and secured an acceptable deal without going to tribunal and sell the flat.
Mr and Mrs. K Sharif took over the lease of a first floor apartment in Chaddesley Corbett in September 2003. We are asked if we could shed any light on how much (approximately) premium would be for a ninety year lease extension. Comparable premises in Chaddesley Corbett with 100 year plus lease were in the region of £275,000. The mid-range amount of ground rent was £45 invoiced monthly. The lease finished on 14 February 2095. Considering the 69 years unexpired we calculated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 not including legals.
In 2013 we were e-mailed by Dr Reuben Jackson who, having bought a recently refurbished flat in Chaddesley Corbett in January 2010. The question was if we could shed any light on how much (roughly) premium would likely be to extend the lease by ninety years. Identical premises in Chaddesley Corbett with an extended lease were valued about £216,000. The mid-range ground rent payable was £60 invoiced every twelve months. The lease lapsed in 2084. Having 58 years outstanding we estimated the premium to the freeholder for the lease extension to be within £28,500 and £33,000 plus professional charges.