Stop! Your Lease Extension in Chelsfield Could Be FREE

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Many leaseholders in Chelsfield are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Chelsfield has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to commence your Chelsfield lease extension

Main reasons to start your Chelsfield lease extension today:

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

The rule of thumb is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Chelsfield may extend the lease for a further ninety years under Leasehold Reform legislation. Do think carefully before delaying your Chelsfield lease extension. Putting off the costs today simply escalates the price you will eventually have to pay for a lease extension.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Lenders will not issue a mortgage with a short lease

Banks and building societies are inclined not grant a mortgage on short residential leases. You most probably encounter problems if you want to sell your flat in Chelsfield if the remaining term of your lease is below the criteria set by the majority of mortgage companies. Different lenders have varying requirements but generally they are looking for an unexpired term of at least seventy years.

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.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Coventry Building Society 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.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.

Why use us for your lease extension in Chelsfield?

Regardless of whether you are a tenant or a landlord in Chelsfield,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Chelsfield valuers.

Chelsfield Lease Extension Case Studies:

Jasmine, Chelsfield, South East London,

After protracted correspondence with the landlord of her ground floor flat in Chelsfield, Jasmine commenced the lease extension process just as her lease was coming close to the all-important 80-year threshold. The transaction was concluded in July 2015. The landlord’s costs were negotiated to about 650 GBP.

Chelsfield case:

In 2013 we were contacted by Dr Hugo Brooks who, having purchased a first floor apartment in Chelsfield in May 1995. We are asked if we could shed any light on how much (approximately) premium would be to extend the lease by a further 90 years. Comparative homes in Chelsfield with 100 year plus lease were valued about £210,000. The mid-range ground rent payable was £50 invoiced monthly. The lease ran out on 28 July 2106. Taking into account 80 years outstanding we calculated the premium to the landlord to extend the lease to be between £8,600 and £9,800 plus legals.

Decision in Bromley

An example of a Lease Extension matter before the tribunal for a Chelsfield flat is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case was in relation to 1 flat. The unexpired residue of the current lease was 50.57 years.