Chelsfield leases on residential properties are gradually losing value. if your lease has in the region of 90 years unexpired, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for your lease extension to take place before the term of the current lease dips lower than eighty years - otherwise a higher premium will be payable. Flat owners in Chelsfield will mostly qualify for a lease extension; however a solicitor should be able confirm if you qualify. In some circumstances you may not qualify. There are prescribed deadlines and procedures to follow once the process has started so it’s best to be guided by a conveyancing solicitor during the process.
Leasehold residencies in Chelsfield with more than one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Chelsfield can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and valuer 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 in-depth market knowledge dealing with Chelsfield lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of lengthy correspondence with the landlord of her basement apartment in Chelsfield, Melissa commenced the lease extension process just as her lease was coming close to the all-important eighty-year threshold. The transaction completed in May 2015. The freeholder’s costs were negotiated to under 600 pounds.
Dr Jasper Jackson bought a garden apartment in Chelsfield in August 2010. The question was if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Comparative homes in Chelsfield with an extended lease were worth £166,800. The mid-range amount of ground rent was £50 collected monthly. The lease ran out in 2075. Taking into account 50 years remaining we estimated the compensation to the freeholder to extend the lease to be within £32,300 and £37,400 plus costs.
An example of a Lease Extension decision for a Chelsfield premises 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 related to 1 flat. The unexpired term as at the valuation date was 50.57 years.