Main reasons to commence your Chard lease extension

Why you should start your Chard lease extension today:

Increase your lease and increase your Chard property value

Chard leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. Most owners of residential leasehold property in Chard enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Chard you really ought to see if your lease has between 70 and 90 years left. In particular once the remaining lease term slips under 80 years, the cost of any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value

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

It is generally accepted that a residential leasehold with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the property will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may not loan monies on a short lease

The trend since 2008 has been for mortgage companies to tighten lending requirements across the board - this has extended to the property over which the home loan is to be granted. This has resulted in the unexpired lease term required by mortgage companies has increased. In the past mortgage companies would lend on a lease with 25 years plus the term of the loan - typically 50 year leases but those requirements have been chipped away by the requirement for longer and longer leases - many now have a minimum term of 75 years as standard.

What makes us experts in Chard lease extensions?

Engaging our service will provide you increased control over the value of your Chard leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Chard Lease Extension Example Cases:

Jude, Chard, Somerset,

Jude owned a 2 bedroom apartment in Chard on the market with a lease of just over 59 years unexpired. Jude on an informal basis contacted his landlord a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent to start with set at £200 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Jude to exercise his statutory right. Jude obtained expert legal guidance and was able to make a more informed judgement and deal with the matter and readily saleable.

Chard case:

Mr F Taylor moved into a one bedroom apartment in Chard in January 2008. We are asked if we could approximate the compensation to the landlord could be to extend the lease by ninety years. Identical properties in Chard with a long lease were valued about £225,400. The mid-range amount of ground rent was £45 invoiced quarterly. The lease concluded on 18 May 2090. Having 64 years unexpired we approximated the compensation to the landlord to extend the lease to be between £15,200 and £17,600 not including costs.

Chard case:

Last Summer we were contacted by Ms D Young , who took over the lease of a basement apartment in Chard in August 2011. We are asked if we could approximate the compensation to the landlord could be to extend the lease by ninety years. Identical flats in Chard with an extended lease were in the region of £270,000. The mid-range ground rent payable was £55 invoiced per annum. The lease finished in 2101. Considering the 75 years as a residual term we approximated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 plus legals.