With a residential leasehold property in Chalfont St Peter, you are in fact renting it for a certain period of time. In recent years flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you may consider extending the lease sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly notably once there are less than eighty years left. Residents in Chalfont St Peter with a lease approaching 81 years left should seriously consider extending it sooner as opposed to later. Once a lease has below 80 years outstanding, under the current statute the landlord can calculate and demand a larger amount, assessed on a technical calculation, known as “marriage value” which is payable.
Leasehold residencies in Chalfont St Peter with over one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value 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 service charges warrant it.
| Lender | Requirement |
|---|---|
| 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. |
| Godiva Mortgages | 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. |
| 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 |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
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 lease extensions.
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 a wealth of experience procuring 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.
Following lengthy correspondence with the landlord of her one bedroom flat in Chalfont St Peter, Isabelle started the lease extension process as the 80 year threshold was quickly coming. The legal work was concluded in August 2011. The freeholder’s fees were kept to an absolute minimum.
Dr O Girard purchased a first floor flat in Chalfont St Peter in September 2002. We are asked if we could estimate the price could be for a 90 year extension to my lease. Identical homes in Chalfont St Peter with a long lease were in the region of £285,000. The average ground rent payable was £45 billed per annum. The lease came to a finish on 24 June 2097. Taking into account 71 years unexpired we approximated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 plus expenses.
An example of a Lease Extension matter before the tribunal 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.