Top reasons for Chalfont St Peter lease extension
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Main reasons to start your Chalfont St Peter lease extension today:
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<h4> A <a href="http://www.lendermonitor.com/conveyancing/loc/chalfont-st-peter">Chalfont St Peter</a> lease depreciates with the years remaining on the lease.
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Chalfont St Peter leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. The majority of owners of residential leasehold property in Chalfont St Peter enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Chalfont St Peter you should check if your lease has between seventy and ninety years left. There are compelling reasons why a Chalfont St Peter flat owner with a lease having around 80 years left should take steps to ensure that a lease extension is effected without delay <h4>Chalfont St Peter property with a lease extension is almost the same value as a freehold</h4>
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Leasehold residencies in Chalfont St Peter with over one hundred years remaining on the lease are sometimes referred to as ‘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 purchasing the freehold unless savings on ground rent and maintenance charges warrant it. <h4>Banks and Building Societies may not grant a mortgage on a short lease</h4> Nearly all banks and building societies will not grant a mortgage on a lease with under seventy years unexpired - although this varies between mortgage companies. A buyer will undoubtedly encounter difficulties in obtaining a mortgage and this will result in your Chalfont St Peter property being difficult to sell or to obtain finance on. <p>
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<tr><th>Lender</th>
<th> Requirement
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<td>Barclays plc</td>
<td> Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below).<br /><br />Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office.<br /><br />Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:<br /><br />• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND<br />• The value of the property subject to the short remaining term is £500,000 or more AND<br />• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
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<td>Barnsley Building Society</td>
<td> 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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<td>Birmingham Midshires</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Leeds Building Society</td>
<td> 85 years remaining from the start of the mortgage.
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<td>Skipton Building Society</td>
<td> 85 years from the date of completion of the mortgage<br /><br />For Buy to Let cases:<br />- lettings must not breach any of the lessee’s covenants; and<br />- consent of the lessor to lettings must be obtained if necessary
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Why use us for your lease extension in Chalfont St Peter? </h4>
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The conveyancers that we work with procure 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 conveyancing solicitor we work with provide it.
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Chalfont St Peter Lease Extension Example Cases:
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<h5> Ethan, Chalfont St Peter, Buckinghamshire,</h5>
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Ethan owned a high value apartment in Chalfont St Peter being sold with a lease of fraction over 59 years left. Ethan informally contacted his freeholder a well known local-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent at the outset set at £150 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Ethan to invoke his statutory right. Ethan obtained expert advice and secured an acceptable resolution without resorting to tribunal and readily saleable.
<h5>Chalfont St Peter case:</h5>
<p> Ms K Ramírez owned a basement apartment in Chalfont St Peter in February 1997. We are asked if we could shed any light on how much (approximately) price could be for a ninety year extension to my lease. Identical properties in Chalfont St Peter with 100 year plus lease were in the region of £243,000. The average amount of ground rent was £65 collected annually. The lease finished in 2089. Given that there were 63 years remaining we estimated the compensation to the landlord for the lease extension to be within £20,000 and £23,000 exclusive of legals.
<div> <h5>Decision in Hillingdon</h5>
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An example of a Lease Extension case 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 was in relation to 3 flats. The unexpired lease term was 71 years.
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