Top reasons for Chafford Hundred lease extension

Why you should start your Chafford Hundred lease extension today:

Increase your lease and increase your Chafford Hundred property value

Chafford Hundred leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. Most owners of residential leasehold property in Chafford Hundred enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Chafford Hundred you would be well advised to investigate if your lease has between seventy and ninety years left. There are good reasons why a Chafford Hundred leaseholder with a lease having around 80 years unexpired should take action to make sure that a lease extension is actioned without delay

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

It is generally considered that a property with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the residence will be worth the same as a freehold for many years in the future.

Banks and Building Societies will not issue a mortgage on a short lease

Mortgage companies are tightening their criteria and a meaningful number now expect flats to have a minimum of 60 if not 70 years left at the end of the mortgage. Considering many flats in Chafford Hundred were created in the fifties, sixties and seventies this means many now require lease extensions if they if they are to be mortgageable.

Why use us for your lease extension in Chafford Hundred?

The lawyers that we work with procure Chafford Hundred lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Chafford Hundred Lease Extension Example Cases:

Maisie, Chafford Hundred, Essex,

Off the back of protracted negotiations with the freeholder of her first floor apartment in Chafford Hundred, Maisie commenced the lease extension process just as the lease was coming close to the critical eighty-year threshold. The lease extension was finalised in February 2005. The landlord’s costs were negotiated to about 700 GBP.

Chafford Hundred case:

In 2010 we were contacted by Dr V Morel who, having purchased a one bedroom apartment in Chafford Hundred in February 1999. The dilemma was if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Similar premises in Chafford Hundred with an extended lease were in the region of £196,400. The average ground rent payable was £55 collected quarterly. The lease expiry date was in 2080. Given that there were 54 years as a residual term we calculated the premium to the landlord for the lease extension to be between £35,200 and £40,600 plus professional charges.