Top reasons for Chalfont St Peter lease extension

Main reasons to start your Chalfont St Peter lease extension today:

Increase your lease and increase your Chalfont St Peter property value

The market value of Chalfont St Peter leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate materialy once the remaining term is less than eighty years

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years left, the premises will be worth the same as a freehold for many years in the future.

Mortgage lenders may not grant a mortgage with a short lease

The propensity since over the last decade has been for banks to tighten lending requirements generally - this has extended to the types of security over which the home loan is to be granted. This has meant the minimum number of years remaining under the lease required by mortgage companies has increased. In the past mortgage companies would grant a mortgage on a lease with 25 years plus the term of the loan - typically 50 year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many now have a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Chalfont St Peter?

Retaining our service gives you enhanced control over the value of your Chalfont St Peter leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Chalfont St Peter Lease Extension Case Studies:

Eliot, Chalfont St Peter, Buckinghamshire,

Eliot was the the leasehold proprietor of a studio apartment in Chalfont St Peter being sold with a lease of a few days over 61 years outstanding. Eliot informally spoke with his landlord being a well known local-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 subject to a rise in the rent to £200 per annum. No ground rent would be due on a lease extension were Eliot to invoke his statutory right. Eliot obtained expert legal guidance and was able to make an informed judgement and deal with the matter and sell the flat.

Chalfont St Peter case:

In 2013 we were approached by Mr and Mrs. S Carter who, having took over the lease of a one bedroom flat in Chalfont St Peter in May 2002. We are asked if we could approximate the price could be to extend the lease by 90 years. Identical properties in Chalfont St Peter with a long lease were worth £240,600. The average amount of ground rent was £60 billed every twelve months. The lease lapsed on 24 July 2087. Having 62 years left we approximated the compensation to the landlord to extend the lease to be between £21,900 and £25,200 plus expenses.