Chesham Bois Lease Extension - Free Consultation

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Main reasons to start your Chesham Bois lease extension


Top reasons for lease extension now:

Increase your lease and increase your Chesham Bois property value

Owning a flat usually means owning a lease of the property, which has a set term of years. The lease will normally be granted for a set period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Chesham Bois. Inevitably, the term of lease left reduces over time. This may pass by relatively unnoticed when the flat or house has to be sold or re-mortgaged. The shorter the lease the less it is worth and the more expensive it will be to extend the lease. Qualifying leaseholders in Chesham Bois have the right to extend the lease for an additional 90 years in accordance with legislation. You should give due consideration before putting off your Chesham Bois lease extension. Putting off that expense now only increases the price you will eventually incur for a lease extension

Chesham Bois property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for many years ahead.

Banks and Building Societies will not finance a property on a short lease

Banks and building societies are inclined not grant a mortgage on short residential leases. You most probably encounter difficulties if you want to sell your flat in Chesham Bois if the unexpired term of your lease is less than the criteria set by most banks and building societies. Different lenders have different requirements but on the whole theyrequire an unexpired term of at least 65 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.
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.
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 Chesham Bois lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a freeholder in Chesham Bois,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Chesham Bois valuers.

Chesham Bois Lease Extension Example Cases:

Connor, Chesham Bois, Buckinghamshire,

Connor owned a studio apartment in Chesham Bois on the market with a lease of a few days over 72 years unexpired. Connor informally contacted his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £150 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Connor to exercise his statutory right. Connor obtained expert legal guidance and secured an acceptable resolution informally and sell the property.

Chesham Bois case:

Last year we were approach by Mr T Cox , who owned a one bedroom flat in Chesham Bois in November 2000. We are asked if we could estimate the premium would likely be to prolong the lease by 90 years. Identical residencies in Chesham Bois with 100 year plus lease were worth £235,200. The mid-range amount of ground rent was £45 collected annually. The lease lapsed in 2090. Given that there were 66 years left we calculated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 exclusive of fees.

Chesham Bois case:

Ms Ella Thompson moved into a purpose-built flat in Chesham Bois in September 1997. The question was if we could estimate the compensation to the landlord would be for a ninety year extension to my lease. Identical flats in Chesham Bois with 100 year plus lease were worth £275,000. The average ground rent payable was £55 billed annually. The lease expired in 2101. Having 77 years outstanding we calculated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 not including expenses.