Chesham Bois Lease Extension - Free Consultation

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Main reasons to start your Chesham Bois lease extension

Why you should start your Chesham Bois lease extension today:

A Chesham Bois lease depreciates with the years remaining on the lease.

As the length of the unexpired term of a Chesham Bois domestic lease lessens so does its value and therefore the value of your property. Where the residual term has, over 99 years remaining then this decrease may be of little impact however there will become a point in time when a lease has fewer than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary logic behind why you should extend the lease without delay. Most flat owners in Chesham Bois will meet the qualifying criteria; that being said a lawyer will be able to advise if you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

Chesham Bois property with a lease extension is almost 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 equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the residence will be worth the same as a freehold for many years ahead.

Banks and Building Societies will not issue a mortgage with a short lease

Most mortgage lenders have narrowed their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against property with shorter lease terms, particularly under seventy years as they are regarded as deficient security.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
National Westminster Bank Mortgage term plus 30 years.
Santander You must report the unexpired lease term to us and await our instructions if:
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided
However, we will not accept a lease where on expiry of the mortgage:
(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or
(ii) less than 30 years remain and the loan is repaid on a capital and interest basis

We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

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

Lease extensions in Chesham Bois can be a difficult process. We recommend you get professional help from a conveyancing solicitor and surveyor with experience in this area.

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 a wealth of experience procuring Chesham Bois lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Chesham Bois Lease Extension Example Cases:

Luke, Chesham Bois, Buckinghamshire,

Luke owned a 2 bedroom apartment in Chesham Bois on the market with a lease of a little over fifty eight years outstanding. Luke on an informal basis contacted his landlord a well known London-based freehold company for a lease extension. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £125 per annum. No ground rent would be due on a lease extension were Luke to exercise his statutory right. Luke procured expert legal guidance and secured satisfactory resolution without resorting to tribunal and ending up with a market value flat.

Chesham Bois case:

Last Spring we were contacted by Mr and Mrs. C Phillips , who completed a one bedroom flat in Chesham Bois in September 2009. We are asked if we could estimate the price would be for a ninety year lease extension. Similar flats in Chesham Bois with 100 year plus lease were in the region of £246,800. The mid-range amount of ground rent was £60 billed monthly. The lease finished on 3 October 2074. Considering the 50 years outstanding we estimated the compensation to the landlord to extend the lease to be within £44,700 and £51,600 exclusive of legals.

Chesham Bois case:

Last year we were approach by Mr and Mrs. P Wood , who took over the lease of a basement apartment in Chesham Bois in October 2011. The dilemma was if we could shed any light on how much (approximately) premium would be to extend the lease by an additional years. Identical properties in Chesham Bois with a long lease were in the region of £203,200. The average ground rent payable was £65 billed monthly. The lease end date was in 2085. Considering the 61 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £19,000 and £22,000 exclusive of fees.