The rule of thumb is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Chalk Farm may extend the lease for an additional 90 years in accordance with statute. Do think carefully before delaying your Chalk Farm lease extension. Shelving that expense today simply increases the price you will ultimately have to pay for a lease extension.
Leasehold premises in Chalk Farm with over 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| Godiva Mortgages | |
| Halifax | |
| Leeds Building Society | |
| Santander |
Retaining our service gives you increased control over the value of your Chalk Farm leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Trailing lengthy discussions with the landlord of her purpose-built apartment in Chalk Farm, Natasha initiated the lease extension process just as her lease was coming close to the critical 80-year threshold. The transaction was finalised in April 2009. The freeholder’s fees were restricted to below 500 GBP.
Last February we were contacted by Mrs Chantelle Ricardo , who moved into a studio apartment in Chalk Farm in February 2008. The question was if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Comparable homes in Chalk Farm with a long lease were worth £280,000. The mid-range amount of ground rent was £45 invoiced every twelve months. The lease ran out in 2097. Given that there were 71 years unexpired we calculated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of legals.
An example of a Lease Extension matter before the tribunal for a Chalk Farm residence 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 unexpired lease term was 64.77 years.