When it comes to long leasehold property in Chantry, you are actually buying an entitlement to reside in a property for a set period of time. In recent years flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you should consider a lease extension sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly particularly once there are less than eighty years remaining. Residents in Chantry with a lease drawing near to 81 years remaining should seriously think of extending it sooner than later. When the lease term has below eighty years remaining, under the current Act the landlord can calculate and charge a greater amount, based on a technical multiplication, known as “marriage value” which is payable.
It is generally considered that a residential leasehold with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| Godiva Mortgages | |
| Leeds Building Society | |
| Nationwide Building Society |
Lease extensions in Chantry can be a difficult process. We recommend you obtain guidance from a conveyancer and surveyor with experience in lease extensions.
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 procuring Chantry lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Adam was the the leasehold owner of a conversion apartment in Chantry being marketed with a lease of a little over sixty years outstanding. Adam on an informal basis approached his freeholder being a well known local-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent at the outset set at £200 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Adam to exercise his statutory right. Adam obtained expert advice and was able to make an informed judgement and handle with the matter and ending up with a market value flat.
Last Summer we were called by Mr V López , who purchased a one bedroom apartment in Chantry in February 2009. We are asked if we could shed any light on how much (roughly) price could be to prolong the lease by ninety years. Comparative flats in Chantry with an extended lease were worth £242,600. The mid-range ground rent payable was £45 collected monthly. The lease concluded in 2093. Taking into account 67 years outstanding we estimated the compensation to the landlord to extend the lease to be within £11,400 and £13,200 plus legals.
Dr Mollie King moved into a garden flat in Chantry in April 1998. We are asked if we could approximate the price would likely be to extend the lease by 90 years. Comparative premises in Chantry with a long lease were valued about £280,000. The average ground rent payable was £55 collected quarterly. The lease terminated on 25 September 2104. Having 78 years unexpired we approximated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 exclusive of expenses.