Chalk Farm leases on domestic deteriorating in value. if your lease has in the region of ninety years unexpired, you should start considering the need for a lease extension. If lease term falls under 80 years, you will then be required to pay 50% of the property's 'marriage value' in addition to the standard cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Chalk Farm will mostly be legally entitled to a lease extension; however a solicitor should be able confirm your eligibility. In some situations you may not be entitled. There are also strict timetables and steps to follow once the process has commenced so it’s prudent to be guided by a conveyancer during the process.
Leasehold premises in Chalk Farm with more than one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Barclays plc | |
| Halifax | |
| Santander |
Engaging our service will provide you enhanced control over the value of your Chalk Farm leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
In the wake of eight months of protracted correspondence with the landlord of her one bedroom apartment in Chalk Farm, Emily commenced the lease extension process just as her lease was nearing the crucial 80-year threshold. The transaction completed in April 2007. The freeholder’s fees were kept to an absolute minimum.
Dr E Laurent took over the lease of a basement flat in Chalk Farm in November 2011. We are asked if we could approximate the price would be to extend the lease by 90 years. Comparative residencies in Chalk Farm with an extended lease were worth £181,600. The mid-range amount of ground rent was £55 billed yearly. The lease concluded in 2078. Given that there were 52 years left we estimated the premium to the landlord for the lease extension to be between £30,400 and £35,200 exclusive of expenses.
An example of a Lease Extension case 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 affected 1 flat. The remaining number of years on the lease was 64.77 years.