With a domestic leasehold property in Chalk Farm, you effectively rent it for a certain amount of time. These days flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you may consider extending the lease sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly notably when there are less than 80 years left. Residents in Chalk Farm with a lease approaching 81 years remaining should seriously consider extending it sooner than later. When a lease has below 80 years left, under the relevant legislation the freeholder can calculate and charge a greater amount, based on a technical computation, strangely termed as “marriage value” which is payable.
Leasehold residencies in Chalk Farm with more than 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Godiva Mortgages | |
| Halifax | |
| Leeds Building Society | |
| Yorkshire Building Society |
Lease extensions in Chalk Farm can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.
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 dealing with Chalk Farm lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Nathan was the the leasehold proprietor of a 2 bedroom apartment in Chalk Farm on the market with a lease of a few days over 61 years outstanding. Nathan on an informal basis spoke with his landlord a well known Manchester-based freehold company for a lease extension. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £200 yearly. No ground rent would be payable on a lease extension were Nathan to invoke his statutory right. Nathan procured expert advice and was able to make an informed judgement and handle with the matter and readily saleable.
Mr and Mrs. V Brooks acquired a one bedroom flat in Chalk Farm in July 2012. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year extension to my lease. Comparable flats in Chalk Farm with 100 year plus lease were valued around £205,000. The average ground rent payable was £50 invoiced annually. The lease came to a finish in 2105. Given that there were 79 years left we approximated the compensation to the landlord to extend the lease to be between £7,600 and £8,800 plus costs.
An example of a Lease Extension decision for a Chalk Farm property is Flat 2 27 Mackeson Road in December 2012. The Tribunal assessed the value of the lease extension premium at £35,435 and rounded the figure to £35,500 This case was in relation to 1 flat. The number of years remaining on the existing lease(s) was 64.77 years.