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Main reasons to commence your Chalfont St Peter lease extension

Top reasons for lease extension now:

Increase your lease and increase your Chalfont St Peter property value

There is no doubt about it a leasehold flat or house in Chalfont St Peter is a wasting asset as a result of the shortening lease. Where the lease has, over 125 years to run then this decrease may be negligible however there will become a point in time when a lease has fewer than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main rational as to why you should consider extending without delay. The majority of flat owners in Chalfont St Peter will meet the qualifying criteria; nevertheless a conveyancer should be able to confirm whether you qualify for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Mortgage lenders will not loan monies on a short lease

Most high street banks are making their criteria more stringent and a meaningful number now want flats to have at least 60 if not 70 years left at the expiry of the mortgage. As a number of flats in Chalfont St Peter were created in the fifties, sixties and seventies as a result many now need to be extended if they wish to get a mortgage.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
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.
Leeds Building Society 85 years remaing from the start of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

What makes us experts in Chalfont St Peter lease extensions?

The lawyers that we work with handle 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.

Chalfont St Peter Lease Extension Example Cases:

Noah, Chalfont St Peter, Buckinghamshire,

Noah was the the leasehold owner of a high value apartment in Chalfont St Peter being marketed with a lease of a few days over 59 years left. Noah on an informal basis approached his freeholder a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent initially set at £200 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Noah to invoke his statutory right. Noah procured expert legal guidance and was able to make a more informed judgement and handle with the matter and readily saleable.

Chalfont St Peter case:

Mr and Mrs. T Brooks bought a ground floor flat in Chalfont St Peter in October 1999. We are asked if we could approximate the premium could be to extend the lease by 90 years. Similar properties in Chalfont St Peter with an extended lease were worth £205,000. The mid-range ground rent payable was £50 billed annually. The lease came to a finish in 2100. Taking into account 78 years left we calculated the premium to the freeholder for the lease extension to be between £7,600 and £8,800 plus fees.

Decision in Hillingdon

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 related to 3 flats. The unexpired term as at the valuation date was 71 years.