Main reasons to start your Chesham Bois lease extension

Why you should start your Chesham Bois lease extension today:

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

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. The majority of owners of residential leasehold property in Chesham Bois enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Chesham Bois you would be well advised to check if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under 80 years, the cost of any lease extension sharply increases as part of the premium you pay is what is known as a marriage value

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the property will be worth the same as a freehold for decades to come.

Lending institutions may not grant a mortgage on a short lease

Almost all banks and building societies require a lengthy amount of time left on a leasehold property before they will contemplate providing a mortgage on it. Even if you don't require a mortgage, you should keep in mind that it is reasonable to assume that someone wanting to buy your property in the future might well do, so in the event that they are not able to obtain a mortgage, then the financial worth of the property could be adversely impacted. Since 2008 most mortgage lenders have increased the required minimum lease length that they are prepared to accept

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

Irrespective of whether you are a tenant or a landlord in Chesham Bois,the lease extension solicitors 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 Chesham Bois valuers.

Chesham Bois Lease Extension Example Cases:

Lydia, Chesham Bois, Buckinghamshire,

In the wake of 9 months of unsuccessful correspondence with the freeholder of her studio flat in Chesham Bois, Lydia commenced the lease extension process as the 80 year mark was fast nearing. The legal work was finalised in April 2009. The freeholder’s charges were negotiated to less than 650 pounds.

Chesham Bois case:

Mr Max Michel acquired a purpose-built flat in Chesham Bois in November 2007. We are asked if we could approximate the price would likely be for a ninety year lease extension. Comparable homes in Chesham Bois with 100 year plus lease were in the region of £191,000. The average ground rent payable was £65 invoiced quarterly. The lease ended on 23 January 2084. Given that there were 58 years remaining we estimated the compensation to the freeholder to extend the lease to be between £23,800 and £27,400 exclusive of fees.

Chesham Bois case:

Last Summer we were called by Dr V Norbert , who bought a one bedroom apartment in Chesham Bois in February 2005. The dilemma was if we could approximate the price could be for a 90 year lease extension. Similar properties in Chesham Bois with an extended lease were worth £250,000. The mid-range amount of ground rent was £50 billed yearly. The lease ran out in 2095. Given that there were 69 years outstanding we estimated the premium to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of fees.