Cheslyn Hay leases on domestic deteriorating in value. Where your lease has in the region of 90 years unexpired, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for the lease extension to take place before the term of the existing lease dips lower than 80 years - otherwise a higher amount will be payable. Leasehold owners in Cheslyn Hay will usually qualify for a lease extension; however a solicitor will check if you qualify. In certain cases you may not qualify. There are also strict timetables and procedures to comply with once the process is triggered so it’s best to be guided by a lawyer during the process.
Leasehold properties in Cheslyn Hay with over one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Birmingham Midshires | |
| Godiva Mortgages | |
| Skipton Building Society | |
| Virgin |
Regardless of whether you are a tenant or a freeholder in Cheslyn Hay,the lease extension experts 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 Cheslyn Hay valuers.
Toby was the the leasehold owner of a conversion apartment in Cheslyn Hay on the market with a lease of just over sixty years unexpired. Toby informally approached his freeholder a well known London-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £125 annually. No ground rent would be due on a lease extension were Toby to exercise his statutory right. Toby procured expert advice and was able to make a more informed judgement and deal with the matter and readily saleable.
Last year we were called by Mrs V Rivera , who was assigned a lease of a newly refurbished apartment in Cheslyn Hay in April 2010. We are asked if we could shed any light on how much (roughly) premium would likely be to prolong the lease by 90 years. Identical properties in Cheslyn Hay with a long lease were valued around £246,800. The mid-range ground rent payable was £60 billed annually. The lease lapsed in 2076. Taking into account 50 years as a residual term we calculated the premium to the landlord to extend the lease to be between £44,700 and £51,600 not including fees.
Dr B Bell completed a one bedroom apartment in Cheslyn Hay in July 2006. We are asked if we could shed any light on how much (roughly) price could be for a ninety year lease extension. Identical residencies in Cheslyn Hay with 100 year plus lease were worth £203,200. The mid-range amount of ground rent was £65 billed every twelve months. The lease came to a finish on 19 January 2087. Given that there were 61 years left we estimated the premium to the freeholder for the lease extension to be between £20,000 and £23,000 not including fees.