Stop! Your Lease Extension in Chalfont St Peter Could Be FREE

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Many leaseholders in Chalfont St Peter are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Chalfont St Peter has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should start your Chalfont St Peter lease extension

Top reasons for lease extension now:

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

Chalfont St Peter residential property held on a long lease is a wasting asset because a leaseholder only owns the property for a set term.

An extended lease is almost the same value as a freehold

Leasehold premises in Chalfont St Peter with more than 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges merit it.

Lending institutions may not finance a property on a short lease

Nearly all banks and building societies insist on a lengthy amount of time left on any leasehold property before they will consider it as adequate security. Regardless of whether you need a mortgage, you should keep in mind that it is likely that someone wanting to acquire your property in the future might well do, so where they are not able to secure a mortgage, then the value of the property could suffer. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are prepared to lend on

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Get in touch with one of our Chalfont St Peter lease extension solicitors or enfranchisement solicitors

Using our service will provide 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 lawyers 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 Example Cases:

Zachary, Chalfont St Peter, Buckinghamshire

Two years ago Zachary, came seriously close to the eighty-year mark with the lease on his first floor flat in Chalfont St Peter. Having purchased his property 18 years ago, the unexpired term was of no relevance. As luck would have it, he noticed he needed to take action soon on a lease extension. Zachary was able to extend his lease just under the wire last April. Zachary and the landlord in the end settled on sum of £5,000 . If the lease had dipped to less than 80 years, the sum would have become more exhorbitant by a minimum £1,125.

Chalfont St Peter case:

In 2009 we were e-mailed by Mr and Mrs. F Lefèvre who, having was assigned a lease of a studio flat in Chalfont St Peter in September 2003. We are asked if we could approximate the price could be to prolong the lease by a further 90 years. Comparable residencies in Chalfont St Peter with a long lease were valued around £171,800. The mid-range ground rent payable was £55 invoiced quarterly. The lease ended in 2076. Taking into account 50 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £33,300 and £38,400 plus costs.

Decision in Hillingdon

An example of a Lease Extension case for a Chalfont St Peter property 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 was in relation to 3 flats. The unexpired residue of the current lease was 71 years.