Main reasons to start your Chalfont St Peter lease extension

Why you should commence your Chalfont St Peter lease extension today:

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

It’s a harsh truth that a Chalfont St Peter residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is not fully appreciated in the early years due to the deflation being disguised by increases in the Chalfont St Peter property prices.Where your lease has approximately ninety years left, you need to start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips below eighty years - otherwise a higher amount will be due. Most leasehold owners in Chalfont St Peter will be able to extend under the legislation; however a lawyer should be able to clarify if you qualify for an extension. In some cases you may not qualify. There are also strict timeframes and procedures to be adhered to once the process has commenced and you will need to be guided by your lawyer for the duration of the formalities.

An extended lease is almost the same value as a freehold

Leasehold residencies in Chalfont St Peter with in excess of 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies may not loan monies with a short lease

Mortgage lenders have specific criteria when loaning monies secured on leasehold homes. Many will simply refrain from lending at all once an unexpired lease term slips under a certain unexpired lease term. Many Banks and Building Societies will not regard property with a remaining below 75 years as acceptable security. In addition to this being important when selling, it is also relevant where you are seeking to remortgage your Chalfont St Peter property.

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

The lawyers that we work with undertake Chalfont St Peter lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Chalfont St Peter Lease Extension Example Cases:

Harvey, Chalfont St Peter, Buckinghamshire,

Harvey owned a conversion flat in Chalfont St Peter being sold with a lease of fraction over 61 years remaining. Harvey on an informal basis spoke with his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £200 per annum. Ordinarily, ground rent would not be payable on a lease extension were Harvey to invoke his statutory right. Harvey obtained expert legal guidance and secured an acceptable resolution informally and sell the property.

Chalfont St Peter case:

Mr David Brooks took over the lease of a purpose-built apartment in Chalfont St Peter in November 2004. We are asked if we could approximate the premium would likely be for a 90 year lease extension. Comparative premises in Chalfont St Peter with a long lease were in the region of £275,000. The average ground rent payable was £45 invoiced every twelve months. The lease ended on 22 May 2095. Having 69 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 plus professional charges.