Top reasons for Chessington lease extension

Main reasons to start your Chessington lease extension today:

Increase your lease and increase your Chessington property value

Chessington leases on residential properties are gradually losing value. Where your lease has in the region of ninety years remaining, you should start considering the need for a lease extension. It is important to recognise that it is that it is financially advisable for a lease extension to be in place before the term of the existing lease falls under 80 years - otherwise a higher premium will be due. Leasehold owners in Chessington will mostly qualify for a lease extension; however a solicitor should be able check if you qualify. In certain circumstances you may not be entitled. There are prescribed timetables and formalities to follow once the process has started so it’s prudent to be guided by a conveyancing solicitor during the process.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Lenders will not grant a mortgage on a short lease

Mortgage lenders have set criteria when loaning funds secured on leasehold homes. Many will simply not lend at all once the remaining lease term drops below a specified unexpired lease term. Many Lending institutions will not consider property with a remaining term of less than 75 years suitable security. In addition to this being important when selling, it is also relevant where you are wanting to remortgage your Chessington property.

What makes us experts in Chessington lease extensions?

Engaging our service will provide you increased control over the value of your Chessington leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Chessington Lease Extension Case Studies:

Alex, Chessington, South West London

Half a year ago Alex, came dangerously near to the eighty-year threshold with the lease on his garden flat in Chessington. Having purchased his property 18 years ago, the unexpired term was of little relevance. Fortunately, he realised he needed to take steps soon on a lease extension. Alex arranged for a lease extension just in the nick of time last March. Alex and the landlord subsequently settled on the final figure of £5,500 . If the lease had slipped below 80 years, the sum would have become more costly by at least £1,025.

Chessington case:

In 2009 we were called by Mrs Melissa Campbell who, having owned a ground floor apartment in Chessington in November 2011. We are asked if we could estimate the price would be to prolong the lease by an additional years. Identical premises in Chessington with 100 year plus lease were valued about £265,000. The mid-range ground rent payable was £55 billed yearly. The lease expired in 2100. Considering the 74 years left we calculated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 not including costs.