The market value of Chalfont St Giles leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase significantly once the unexpired lease term is below than eighty years
It is generally considered that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Chelsea Building Society | |
| Coventry Building Society | |
| National Westminster Bank | |
| Virgin |
Using our service gives you increased control over the value of your Chalfont St Giles leasehold, as your property will be more valuable and marketable in respect of 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.
Following lengthy negotiations with the freeholder of her purpose-built apartment in Chalfont St Giles, Natasha commenced the lease extension process just as her lease was approaching the all-important eighty-year deadline. The transaction was finalised in October 2009. The freeholder’s fees were negotiated to less than five hundred pounds.
Last Spring we were approach by Mr and Mrs. U Martínez , who owned a ground floor apartment in Chalfont St Giles in June 2009. We are asked if we could estimate the premium would likely be to extend the lease by ninety years. Comparable flats in Chalfont St Giles with 100 year plus lease were in the region of £210,000. The mid-range amount of ground rent was £50 invoiced per annum. The lease finished on 14 October 2106. Having 80 years unexpired we estimated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 plus expenses.
Last year we were phoned by Ms T André , who was assigned a lease of a one bedroom flat in Chalfont St Giles in June 1999. We are asked if we could shed any light on how much (roughly) price would likely be for a ninety year lease extension. Similar flats in Chalfont St Giles with an extended lease were valued around £275,000. The average amount of ground rent was £45 billed yearly. The lease terminated on 7 November 2095. Considering the 69 years remaining we estimated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 plus professional charges.