Main reasons to start your Chalfont St Peter lease extension

Top reasons for lease extension now:

Increase your lease and increase your Chalfont St Peter property value

The basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Chalfont St Peter can extend the lease for a further ninety years under legislation. Do think carefully before delaying your Chalfont St Peter lease extension. Postponing that expense now simply increases the price you will ultimately have to pay for a lease extension.

Chalfont St Peter property with a lease extension has roughly the same value as a freehold

It is generally considered that a property with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may decide not to loan monies with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to get nervous at around 75 years. This may be problematic as and when you come to market or refinance your flat as it will be practically unmortgageable. Even though you might have no imminent plan to sell but when you do your buyer must hold off for a couple of years before they can start the legal procedures for a lease extension.

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

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 conveyancer we work with provide it.

Chalfont St Peter Lease Extension Case Summaries:

Freddie, Chalfont St Peter, Buckinghamshire,

Freddie was the the leasehold proprietor of a conversion flat in Chalfont St Peter on the market with a lease of a few days over 59 years left. Freddie informally spoke with his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Freddie to exercise his statutory right. Freddie obtained expert advice and was able to make a more informed judgement and handle with the matter and sell the property.

Chalfont St Peter case:

Last Autumn we were approach by Mr and Mrs. N Howard , who moved into a basement flat in Chalfont St Peter in September 2007. The dilemma was if we could estimate the price could be to extend the lease by 90 years. Comparable residencies in Chalfont St Peter with an extended lease were worth £257,800. The average amount of ground rent was £65 invoiced yearly. The lease finished on 22 May 2091. Considering the 65 years left we calculated the premium to the freeholder for the lease extension to be within £18,100 and £20,800 not including professional charges.