Why you should start your Chase Side lease extension

Top reasons for lease extension now:

Increase your lease and increase your Chase Side property value

Chase Side leases on domestic properties are gradually losing value. if your lease has in the region of ninety years left, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease dips below this level then you start incurring an additional element called marriage value. Leasehold owners in Chase Side will usually qualify for a lease extension; however a solicitor will check if you qualify. In some situations you may not be entitled. There are prescribed deadlines and steps to follow once the process is initiated so it’s sensible to be guided by a conveyancing solicitor during the process.

An extended lease has roughly the same value as a freehold

Leasehold premises in Chase Side with in excess of 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Lending institutions may decide not to loan monies on a short lease

Banks and building societies do not like short residential leases. You are likely to encounter difficulties if you want to sell your flat in Chase Side if the unexpired term of your lease is less than the criteria set by most banks and building societies. Different mortgage companies have varying criteria but generally they are looking for an unexpired term of at least 65 years.

Get in touch with one of our Chase Side lease extension solicitors or enfranchisement solicitors

Engaging our service will provide you increased control over the value of your Chase Side leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Chase Side Lease Extension Case Summaries:

Jasper, Chase Side, North London,

Jasper was the the leasehold owner of a high value apartment in Chase Side on the market with a lease of just over sixty years left. Jasper on an informal basis approached his landlord a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent initially set at £100 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Jasper to exercise his statutory right. Jasper procured expert legal guidance and secured satisfactory resolution without going to tribunal and readily saleable.

Chase Side case:

In 2010 we were called by Dr P Young who, having bought a recently refurbished flat in Chase Side in April 2006. The dilemma was if we could shed any light on how much (roughly) price would be for a ninety year extension to my lease. Comparable residencies in Chase Side with 100 year plus lease were valued around £191,000. The mid-range ground rent payable was £65 invoiced monthly. The lease ended in 2084. Considering the 58 years left we calculated the premium to the landlord for the lease extension to be within £23,800 and £27,400 exclusive of legals.