Stop! Your Lease Extension in Chertsey Could Be FREE

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Many leaseholders in Chertsey 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 Chertsey 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.

Why you should start your Chertsey lease extension

Main reasons to start your Chertsey lease extension today:

Increase your lease and increase your Chertsey property value

Chances are that where you own a flat in Chertsey you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold properties in Chertsey with more than one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it.

Lenders may not finance a property on a short lease

Most banks have tightened lending criteria in the last ten years and borrowers are encountering difficulties in arranging funding or re-mortgage against flats with shorter lease terms, particularly below seventy years as they are regarded as inadequate for lending purposes.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Get in touch with one of our Chertsey lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a landlord in Chertsey,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 in-depth market knowledge and the close ties they enjoy with Chertsey valuers.

Chertsey Lease Extension Case Studies:

Holly, Chertsey, Surrey,

Following protracted correspondence with the landlord of her ground floor apartment in Chertsey, Holly initiated the lease extension process as the eighty year mark was swiftly nearing. The legal work was concluded in February 2015. The landlord’s costs were kept to an absolute minimum.

Chertsey case:

Mrs A Rivera acquired a one bedroom apartment in Chertsey in August 2001. We are asked if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Comparable homes in Chertsey with an extended lease were valued about £275,000. The mid-range amount of ground rent was £55 collected yearly. The lease concluded on 13 November 2102. Taking into account 76 years outstanding we calculated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of legals.

Decision in Hounslow

An example of a Lease Extension decision for a Chertsey residence is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case affected 1 flat. The unexpired term was 82.93 years.