Why you should commence your Chandlers Ford lease extension

Top reasons for lease extension now:

Increase your lease and increase your Chandlers Ford property value

Chandlers Ford leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. It is the case that most Chandlers Ford tenants have the right to extend their lease by an additional ninety years in accordance with the 1993 Leasehold Reform Act. If you are a leasehold owner in Chandlers Ford you must investigate if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under eighty years, the compensation to the landlord for any lease extension sharply increases as an element of the premium you pay is what is known as a marriage value

Chandlers Ford property with a lease extension has roughly the same value as a freehold

Leasehold premises in Chandlers Ford with in excess of one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.

Lenders will not issue a mortgage with a short lease

Lending institutions have set criteria when loaning funds secured on leasehold property. Many will simply refrain from lending at all once the remaining lease term drops lower than a certain unexpired lease term. Many Mortgage lenders will not regard property with an unexpired term of less than seventy years as acceptable security. As well as this being important when selling, it is also relevant if you are seeking to refinance your Chandlers Ford home.

Why use us for your lease extension in Chandlers Ford?

Lease extensions in Chandlers Ford can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and surveyor with experience in this area.

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 in-depth market knowledge dealing with Chandlers Ford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Chandlers Ford Lease Extension Case Summaries:

Freya, Chandlers Ford, Hampshire,

Trailing unsuccessful correspondence with the landlord of her basement apartment in Chandlers Ford, Freya commenced the lease extension process just as the lease was coming close to the all-important eighty-year mark. The legal work was concluded in September 2012. The freeholder’s costs were kept to an absolute minimum.

Chandlers Ford case:

Mr and Mrs. G Turner owned a basement apartment in Chandlers Ford in January 2008. We are asked if we could estimate the premium could be to extend the lease by a further 90 years. Similar flats in Chandlers Ford with a long lease were worth £200,000. The mid-range ground rent payable was £50 invoiced yearly. The lease terminated on 18 March 2103. Having 77 years unexpired we approximated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 not including costs.

Chandlers Ford case:

Mr and Mrs. U Torres bought a studio flat in Chandlers Ford in May 2000. We are asked if we could approximate the premium would be to extend the lease by a further 90 years. Comparable properties in Chandlers Ford with an extended lease were in the region of £265,200. The mid-range amount of ground rent was £65 collected yearly. The lease expired on 20 January 2092. Taking into account 66 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £15,200 and £17,600 not including fees.