Main reasons to start your Chatteris lease extension

Main reasons to commence your Chatteris lease extension today:

A Chatteris leasehold property depreciates with the years remaining on the lease.

Chatteris 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 gets more expensive. Most owners of residential leasehold property in Chatteris enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Chatteris you must see if your lease has between 70 and ninety years remaining. In particular once the remaining lease term slips under eighty years, the cost of any lease extension increases dramatically as part of the premium you will incur is what is known as a marriage value

Chatteris property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years left, the premises will be worth the same as a freehold for many years in the future.

Banks and Building Societies may decide not to grant a mortgage on a short lease

Many mortgage companies will be unwilling to grant a mortgage on a lease with under 70 years unexpired - although this varies from lender to lender. A buyer will undoubtedly encounter difficulties to obtain a mortgage and this will result in your Chatteris property becoming difficult to sell or remortgage.

Why use us for your lease extension in Chatteris?

Irrespective of whether you are a tenant or a landlord in Chatteris,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Chatteris valuers.

Chatteris Lease Extension Case Summaries:

Ibrahim, Chatteris, Cambridgeshire

During the course of the last few months Ibrahim, came seriously near to the 80-year threshold with the lease on his purpose- built apartment in Chatteris. Having bought his home 18 years previously, the unexpired term was of no bearing. Thankfully, it dawned on him that he needed to take action soon on Extending the lease. Ibrahim extended the lease just under the wire in June. Ibrahim and the landlord who owned the flat above in the end agreed on sum of £5,000 . If he not met the deadline, the figure would have become more costly by at least £875.

Chatteris case:

Last Christmas we were called by Dr Jonathan Campbell , who owned a garden apartment in Chatteris in November 2009. We are asked if we could estimate the price would likely be for a 90 year lease extension. Comparative homes in Chatteris with an extended lease were in the region of £257,800. The mid-range amount of ground rent was £65 collected per annum. The lease concluded in 2091. Taking into account 65 years outstanding we approximated the premium to the landlord for the lease extension to be within £18,100 and £20,800 not including fees.

Chatteris case:

In 2011 we were called by Mr and Mrs. B Cox who, having purchased a purpose-built apartment in Chatteris in October 1999. The question was if we could approximate the price would likely be for a ninety year extension to my lease. Comparable flats in Chatteris with a long lease were in the region of £196,400. The average ground rent payable was £55 collected every twelve months. The lease elapsed in 2080. Considering the 54 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £35,200 and £40,600 plus costs.