When it comes to domestic leasehold property in Chalfont St Peter, you are in fact renting it for a certain period of time. In recent years flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you should consider extending the lease sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly especially when there are less than eighty years left. Leasehold owners in Chalfont St Peter with a lease approaching 81 years left should seriously consider extending it without delay. Once the lease term has less than 80 years outstanding, under the relevant Act the freeholder can calculate and charge a larger premium, based on a technical calculation, strangely termed as “marriage value” which is payable.
Leasehold residencies in Chalfont St Peter with over 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Birmingham Midshires | |
| National Westminster Bank | |
| Nationwide Building Society | |
| The Mortgage Works |
Regardless of whether you are a tenant or a landlord in Chalfont St Peter,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Chalfont St Peter valuers.
Following unsuccessful negotiations with the landlord of her one bedroom flat in Chalfont St Peter, Rosie commenced the lease extension process as the eighty year mark was quickly advancing. The lease extension was finalised in October 2013. The freeholder’s fees were kept to an absolute minimum.
Mr Caleb Bernard owned a one bedroom flat in Chalfont St Peter in February 2011. We are asked if we could shed any light on how much (approximately) premium would be for a ninety year lease extension. Identical premises in Chalfont St Peter with 100 year plus lease were in the region of £300,000. The average ground rent payable was £50 collected quarterly. The lease ran out on 18 August 2102. Having 76 years left we calculated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 plus costs.
An example of a Lease Extension matter before the tribunal for a Chalfont St Peter premises is Flats 8, 11 and 15 Craigmore Court 46 Murray Road in December 2013. The tribunal held that the price payable by the Applicant tenant of Flat 8 to acquire an extended lease shall be £26,438 plus £1 to the intermediate lessee . The tribunal held that the price payable by the Applicant tenants of Flat 11 to acquire an extended lease shall be £26,791 plus £1 to the intermediate lessee. The tribunal held that the price payable by the Applicant tenant of Flat 15 to acquire an extended lease shall be £26,638 plus £1 to the intermediate lessee . This case related to 3 flats. The number of years remaining on the existing lease(s) was 71 years.