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

Chesham Bois leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Chesham Bois residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Chesham Bois you should see if your lease has between seventy and 90 years left. There are compelling reasons why a Chesham Bois flat owner with a lease having around eighty years left should take action to ensure that a lease extension is actioned without delay

An extended lease has roughly the same value as a freehold

Leasehold residencies in Chesham Bois with more than 100 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 home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges justify it.

Lenders may not lend with a short lease

Banks and Building Societies have set criteria when lending monies secured on leasehold homes. Many will simply refuse lend at all once an unexpired lease term slips below a certain unexpired lease term. Many Mortgage lenders will not regard property with a remaining term of less than seventy years as acceptable security. In addition to impacting your ability to sell, it is also relevant if you are wanting to remortgage your Chesham Bois property.

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

Using our service will provide you increased control over the value of your Chesham Bois leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Chesham Bois Lease Extension Example Cases:

Kai, Chesham Bois, Buckinghamshire,

Kai owned a 2 bedroom flat in Chesham Bois being sold with a lease of a few days over 72 years unexpired. Kai informally spoke with his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £50 annually. Ordinarily, ground rent would not be payable on a lease extension were Kai to exercise his statutory right. Kai procured expert legal guidance and was able to make an informed judgement and handle with the matter and ending up with a market value flat.

Chesham Bois case:

In 2010 we were e-mailed by Dr Robyn Martínez who, having moved into a purpose-built apartment in Chesham Bois in March 2012. The question was if we could approximate the premium could be for a 90 year extension to my lease. Identical residencies in Chesham Bois with 100 year plus lease were in the region of £250,000. The average ground rent payable was £50 billed yearly. The lease came to a finish in 2095. Taking into account 69 years outstanding we approximated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 not including professional charges.

Chesham Bois case:

Last March we were called by Ms T Bailey , who took over the lease of a one bedroom apartment in Chesham Bois in September 1996. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year extension to my lease. Identical properties in Chesham Bois with an extended lease were valued around £290,000. The mid-range amount of ground rent was £60 invoiced quarterly. The lease terminated in 2106. Having 80 years as a residual term we approximated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 not including professional charges.