Main reasons to commence your Chafford Hundred lease extension

Why you should start your Chafford Hundred lease extension today:

Increase your lease and increase your Chafford Hundred property value

As the length of the unexpired term of a Chafford Hundred residential lease decreases so does its value and therefore the value of your property. If the lease has, over 99 years remaining then this decrease may be of little impact however there will become a point in time when a lease has fewer than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary rational as to why you should extend the lease sooner as opposed to later. Most flat owners in Chafford Hundred will meet the qualifying criteria; that being said a lawyer can confirm whether you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.

An extended lease has roughly the same value as a freehold

Leasehold properties in Chafford Hundred with more than 100 years left 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 upside in purchasing the freehold unless savings on ground rent and service charges merit it.

Lenders will not grant a mortgage with a short lease

Almost all mortgage companies require a lengthy amount of time left on any leasehold property before they will contemplate lending on it. Even if you don't require a mortgage, you should be aware that it is likely that someone wanting to acquire your property in the future might well do, so if they can't secure a mortgage, then the market price of your property will likely suffer. In the last decade many banks and building societies have increased the required minimum lease length that they are prepared to accept

Why use us for your lease extension in Chafford Hundred?

Retaining our service gives you better control over the value of your Chafford Hundred leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Chafford Hundred Lease Extension Example Cases:

Connor, Chafford Hundred, Essex,

Connor owned a studio apartment in Chafford Hundred being marketed with a lease of a little over fifty eight years remaining. Connor informally spoke with his landlord a well known Manchester-based freehold company for a lease extension. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £150 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Connor to invoke his statutory right. Connor obtained expert advice and secured an acceptable deal informally and ending up with a market value flat.

Chafford Hundred case:

Ms D González bought a purpose-built apartment in Chafford Hundred in February 1999. The question was if we could estimate the compensation to the landlord would be to prolong the lease by ninety years. Comparative residencies in Chafford Hundred with a long lease were valued around £290,000. The average ground rent payable was £45 invoiced monthly. The lease concluded on 23 August 2099. Given that there were 73 years remaining we estimated the premium to the landlord to extend the lease to be between £8,600 and £9,800 not including professional charges.