Main reasons to commence your Chalfont St Giles lease extension

Main reasons to commence your Chalfont St Giles lease extension today:

A Chalfont St Giles lease depreciates with the years remaining on the lease.

Chalfont St Giles residential property owned on a long lease is a depreciating asset because a leaseholder only owns the property for a set term.

Chalfont St Giles property with a lease extension is almost the same value as a freehold

It is generally accepted that a property with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the property will be worth the same as a freehold for many years in the future.

Lending institutions will not loan monies on a short lease

Mortgage companies are really clamping down as regards to homes in Chalfont St Giles with short leases. For instance you may find that their lending requirements are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so if you wanted to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus reducing the amount of prospective purchasers.

What makes us experts in Chalfont St Giles lease extensions?

Retaining our service gives you enhanced control over the value of your Chalfont St Giles leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Chalfont St Giles Lease Extension Example Cases:

Arthur, Chalfont St Giles, Buckinghamshire

In recent months Arthur, came very near to the eighty-year mark with the lease on his leasehold flat in Chalfont St Giles. Having purchased his flat two decades ago, the length of the lease was of no concern. by good luck, he recognised he needed to take steps soon on a lease extension. Arthur was able to extend his lease just under the wire in April. Arthur and the freeholder via the managing agents eventually settled on an amount of £5,500 . If the lease had fallen lower than 80 years, the premium would have increased by a minimum £900.

Chalfont St Giles case:

In 2013 we were phoned by Mrs W Morgan who, having moved into a one bedroom flat in Chalfont St Giles in February 2000. The dilemma was if we could estimate the compensation to the landlord could be to prolong the lease by ninety years. Comparative properties in Chalfont St Giles with a long lease were in the region of £275,000. The average ground rent payable was £65 invoiced yearly. The lease ran out in 2094. Considering the 68 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 not including expenses.

Chalfont St Giles case:

In 2014 we were approached by Mr and Mrs. H Collins who, having was assigned a lease of a one bedroom flat in Chalfont St Giles in February 2002. The dilemma was if we could approximate the premium would be for a 90 year extension to my lease. Comparable homes in Chalfont St Giles with an extended lease were in the region of £208,600. The average ground rent payable was £60 invoiced monthly. The lease finished on 26 October 2083. Having 57 years remaining we estimated the compensation to the freeholder for the lease extension to be within £30,400 and £35,200 plus expenses.