When it comes to long leasehold premises in Chalfont St Peter, you effectively rent it for a certain amount of time. Modern flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you may consider a lease extension sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease gets disproportionately greater notably when there are fewer than eighty years left. Residents in Chalfont St Peter with a lease approaching 81 years unexpired should seriously think of extending it as soon as possible. Once the lease term has less than 80 years remaining, under the relevant Act the landlord can calculate and levy a larger premium, based on a technical multiplication, known as “marriage value” which is payable.
Leasehold properties in Chalfont St Peter with over 100 years unexpired 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 situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Coventry Building Society | |
| Skipton Building Society | |
| Virgin |
Lease extensions in Chalfont St Peter can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor with experience in this area.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Chalfont St Peter lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
During the course of the last few months Henry, came critically near to the 80-year mark with the lease on his leasehold flat in Chalfont St Peter. Having purchased his home twenty years ago, the unexpired term was of no relevance. Thankfully, he became aware that he needed to take action soon on Extending the lease. Henry was able to extend his lease just under the wire in August. Henry and the landlord who owned the flat above ultimately settled on an amount of £6,000 . If the lease had dipped to less than 80 years, the sum would have gone up by at least £1,125.
Last Spring we were contacted by Mr and Mrs. I Cooper , who took over the lease of a first floor flat in Chalfont St Peter in August 1997. The question was if we could approximate the premium could be for a 90 year lease extension. Comparative properties in Chalfont St Peter with a long lease were valued about £233,200. The mid-range ground rent payable was £60 billed annually. The lease elapsed on 23 May 2087. Given that there were 61 years as a residual term we estimated the premium to the landlord for the lease extension to be within £22,800 and £26,400 plus expenses.
An example of a Lease Extension decision for a Chalfont St Peter residence 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.