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Why you should start your Chesham lease extension

Main reasons to commence your Chesham lease extension today:

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

Chesham residential property owned on a long lease is a depreciating asset as the leaseholder merely owns the property for a period of years.

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

It is generally accepted that a residential leasehold with more than one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may decide not to grant a mortgage on a short lease

Lenders are inclined not lend on short residential leases. You are likely to experience problems where you want to sell your flat in Chesham if the unexpired lease term is less than the criteria set by the majority of lenders. Different mortgage companies have varying requirements but generally they are looking for a minimum remaining lease term of 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.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Halifax Minimum 70 years from the date of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.
Yorkshire 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.

What makes us experts in Chesham lease extensions?

The lawyers that we work with procure Chesham 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 lawyer we work with provide it.

Chesham Lease Extension Example Cases:

Freya, Chesham, Buckinghamshire,

Off the back of unsuccessful discussions with the landlord of her studio flat in Chesham, Freya started the lease extension process just as the lease was approaching the crucial eighty-year mark. The lease extension was finalised in September 2006. The freeholder’s costs were kept to an absolute minimum.

Chesham case:

Mr and Mrs. P Thomas acquired a newly refurbished apartment in Chesham in July 2002. The question was if we could shed any light on how much (roughly) compensation to the landlord could be for a ninety year lease extension. Identical properties in Chesham with 100 year plus lease were in the region of £166,400. The average amount of ground rent was £60 collected monthly. The lease ended on 25 August 2079. Considering the 54 years remaining we estimated the compensation to the landlord to extend the lease to be within £32,300 and £37,400 not including costs.

Chesham case:

Last Spring we were contacted by Mrs F King , who took over the lease of a newly refurbished apartment in Chesham in February 2010. We are asked if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Comparable premises in Chesham with 100 year plus lease were valued about £232,800. The average ground rent payable was £45 billed yearly. The lease came to a finish on 27 July 2090. Having 65 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 exclusive of costs.