Main reasons to start your Chathill lease extension

Main reasons to start your Chathill lease extension today:

A Chathill lease depreciates with the years remaining on the lease.

Chathill leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. It is the case that most Chathill tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. If you are a leasehold owner in Chathill you would be well advised to check if your lease has between 70 and 90 years left. In particular once the remaining lease term slips under eighty years, the premium due on any lease extension sharply increases as part of the premium you pay is what is known as a marriage value

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

It is conventional wisdom that a property with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Banks and Building Societies may not finance a property with a short lease

Mortgage companies are really clamping down as regards to properties in Chathill with short leases. For example you may find that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so if you needed to sell, your only options would be to find a cash purchaser, or try your luck at auction thus reducing your market.

Why use us for your lease extension in Chathill?

Regardless of whether you are a tenant or a freeholder in Chathill,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Chathill valuers.

Chathill Lease Extension Case Summaries:

Alexandra, Chathill, Northumberland,

After unsuccessful discussions with the freeholder of her one bedroom flat in Chathill, Alexandra initiated the lease extension process as the eighty year threshold was swiftly approaching. The legal work completed in October 2014. The landlord’s costs were negotiated to under five hundred GBP.

Chathill case:

In 2013 we were e-mailed by Mrs Francesca Adams who, having took over the lease of a first floor apartment in Chathill in April 2000. The dilemma was if we could estimate the price could be to prolong the lease by ninety years. Comparable residencies in Chathill with a long lease were valued around £285,000. The average ground rent payable was £45 billed every twelve months. The lease elapsed in 2097. Considering the 71 years left we approximated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 plus professional charges.

Chathill case:

In 2013 we were approached by Dr P García who, having was assigned a lease of a basement apartment in Chathill in August 1996. We are asked if we could shed any light on how much (approximately) premium would be to extend the lease by ninety years. Comparative premises in Chathill with 100 year plus lease were in the region of £225,800. The average amount of ground rent was £60 invoiced yearly. The lease concluded on 5 April 2086. Considering the 60 years left we estimated the compensation to the freeholder to extend the lease to be within £23,800 and £27,400 plus expenses.