Chelmsley Wood leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. Legislation has been in place for sometime now which permits qualifying Chelmsley Wood residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Chelmsley Wood you should check if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under eighty years, the premium due on any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value
It is conventional wisdom that a residential leasehold with over 100 years remaining is worth roughly 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 many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Chelmsley Wood can be a difficult process. We recommend you secure professional help from a lawyer and valuer 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 dealing with Chelmsley Wood lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing protracted correspondence with the landlord of her garden flat in Chelmsley Wood, Ella commenced the lease extension process just as her lease was approaching the crucial eighty-year threshold. The legal work completed in June 2007. The landlord’s fees were negotiated to a tad over 650 GBP.
Last February we were contacted by Mr and Mrs. Y Wright , who took over the lease of a studio flat in Chelmsley Wood in July 2008. The dilemma was if we could approximate the price could be for a ninety year lease extension. Comparative flats in Chelmsley Wood with an extended lease were valued around £215,600. The average amount of ground rent was £45 collected yearly. The lease elapsed in 2086. Taking into account 62 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £18,100 and £20,800 not including professional charges.
In 2012 we were phoned by Mr and Mrs. F Rodríguez who, having completed a garden apartment in Chelmsley Wood in March 2008. We are asked if we could shed any light on how much (approximately) price would likely be to prolong the lease by an additional years. Identical flats in Chelmsley Wood with a long lease were in the region of £265,000. The mid-range amount of ground rent was £50 invoiced quarterly. The lease ran out on 18 March 2097. Considering the 73 years remaining we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 plus legals.