Top reasons for Chelsea lease extension

Main reasons to commence your Chelsea lease extension today:

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

Chances are that if you own a flat in Chelsea you actually own a long leasehold interest over your property

Chelsea 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 unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 45 years left, the residence will be equivalent in value to a freehold for decades to come.

Banks and Building Societies will not grant a mortgage on a short lease

Most mortgage lenders have tightened lending criteria in recent years and borrowers are encountering difficulties in arranging funding or re-mortgage against property with shorter lease terms, particularly below 75 years as they are regarded as deficient for lending purposes.

Why use us for your lease extension in Chelsea?

Lease extensions in Chelsea can be a difficult process. We recommend you get professional help from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.

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 a wealth of experience dealing with Chelsea lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Chelsea Lease Extension Example Cases:

Eliot, Chelsea, West London

Two years ago Eliot, came very close to the 80-year threshold with the lease on his two bedroom flat in Chelsea. Having bought his flat two decades ago, the unexpired term was of no concern. As luck would have it, he noticed he needed to take steps soon on Extending the lease. Eliot arranged for a lease extension at the eleventh hour last June. Eliot and the freeholder via the managing agents in the end settled on a premium of £6,000 . If he not met the deadline, the premium would have become more costly by at least £1,050.

Chelsea case:

In 2012 we were approached by Mrs O Rodríguez who, having owned a ground floor apartment in Chelsea in May 2004. We are asked if we could estimate the premium would be for a ninety year extension to my lease. Similar premises in Chelsea with 100 year plus lease were in the region of £227,800. The mid-range amount of ground rent was £45 collected per annum. The lease came to a finish in 2091. Having 65 years left we approximated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 not including expenses.