Why you should commence your Chesham Bois lease extension

Why you should commence your Chesham Bois lease extension today:

Increase your lease and increase your Chesham Bois property value

The basic rule is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Chesham Bois can extend the lease for a further ninety years under statute. Please think carefully before delaying your Chesham Bois lease extension. Shelving the costs now simply escalates the price you will ultimately be required to pay to extend the lease.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Chesham Bois with more than 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.

Mortgage lenders may not loan monies on a short lease

Lenders are really clamping down as regards to homes in Chesham Bois with short leases. For example you may find that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you needed to sell, your only options would be to find a cash purchaser, or hope for the best at auction thus limiting the amount of prospective purchasers.

What makes us experts in Chesham Bois lease extensions?

The conveyancing solicitors that we work with handle Chesham Bois lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Chesham Bois Lease Extension Example Cases:

Imogen, Chesham Bois, Buckinghamshire,

Off the back of unsuccessful negotiations with the landlord of her leasehold flat in Chesham Bois, Imogen started the lease extension process just as her lease was coming close to the critical eighty-year deadline. The lease extension completed in October 2008. The landlord’s fees were negotiated to a tad over 500 pounds.

Chesham Bois case:

Last Winter we were contacted by Mr and Mrs. E Lee , who owned a garden apartment in Chesham Bois in May 1997. The question was if we could shed any light on how much (approximately) premium would be to extend the lease by 90 years. Comparative premises in Chesham Bois with 100 year plus lease were valued about £280,000. The average ground rent payable was £55 collected monthly. The lease ended in 2103. Considering the 77 years outstanding we estimated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 not including fees.

Chesham Bois case:

Last Summer we were contacted by Mr Ethan David , who acquired a ground floor apartment in Chesham Bois in April 2007. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by an additional years. Identical premises in Chesham Bois with a long lease were worth £183,600. The average amount of ground rent was £65 collected yearly. The lease ended on 15 November 2083. Taking into account 57 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £28,500 and £33,000 not including expenses.