As the the remaining lease term of a Chandlers Ford residential lease diminished so does its value and therefore the value of your property. If the residual term has, more than 99 years remaining then this decrease may be negligible nevertheless there will become a stage when a lease has less than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main reason why you should extend the lease without delay. Most flat owners in Chandlers Ford will qualify for this right; nevertheless a conveyancer will be able to confirm whether you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
Leasehold premises in Chandlers Ford with over one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| National Westminster Bank | |
| Santander | |
| The Mortgage Works |
Lease extensions in Chandlers Ford can be a difficult process. We recommend you obtain professional help from a lawyer and valuer 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 procuring 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.
In the wake of eight months of unsuccessful negotiations with the freeholder of her basement apartment in Chandlers Ford, Kirsty initiated the lease extension process just as the lease was coming close to the crucial 80-year deadline. The lease extension completed in January 2013. The landlord’s costs were kept to an absolute minimum.
Dr S Bonnet purchased a purpose-built apartment in Chandlers Ford in October 2004. The question was if we could estimate the premium would be to extend the lease by an additional years. Comparative flats in Chandlers Ford with an extended lease were in the region of £216,000. The average amount of ground rent was £60 billed yearly. The lease lapsed in 2084. Considering the 58 years remaining we estimated the premium to the freeholder to extend the lease to be between £28,500 and £33,000 exclusive of costs.
In 2009 we were e-mailed by Mrs I González who, having acquired a studio flat in Chandlers Ford in June 1998. We are asked if we could estimate the price would be for a ninety year extension to my lease. Comparative residencies in Chandlers Ford with 100 year plus lease were worth £205,000. The mid-range amount of ground rent was £50 billed annually. The lease expired on 28 October 2105. Having 79 years unexpired we calculated the premium to the freeholder to extend the lease to be within £7,600 and £8,800 exclusive of costs.