Chester Lease Extension - Free Consultation

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Top reasons for Chester lease extension


Main reasons to start your Chester lease extension today:

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

For anyone whose Chester property is held on a long lease, our message is clear – if you ignore the situation, your property will eventually revert to the freeholder, leaving you empty-handed. The shorter the lease the less it is worth and the more it will cost to extend the lease.

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Lending institutions will not loan monies with a short lease

Most high street banks are tightening their criteria and many now require flats to have a minimum of 60 if not 70 years remaining at the end of the mortgage. Considering many flats in Chester were created in the 1950s, 1960s and 1970s as a result many now require lease extensions if they if they are to be mortgageable.

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.
Chelsea 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.
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.
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 Chester lease extensions?

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

Chester Lease Extension Case Summaries:

Jennifer, Chester, Cheshire,

Trailing unsuccessful correspondence with the landlord of her studio flat in Chester, Jennifer started the lease extension process as the 80 year mark was fast nearing. The transaction was concluded in September 2009. The freeholder’s fees were restricted to below 650 pounds.

Chester case:

Last month we were contacted by Mr and Mrs. T Martinez , who purchased a one bedroom flat in Chester in October 2012. We are asked if we could approximate the premium could be for a ninety year extension to my lease. Identical homes in Chester with 100 year plus lease were in the region of £280,000. The mid-range amount of ground rent was £45 invoiced monthly. The lease concluded in 2095. Taking into account 70 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 exclusive of expenses.

Chester case:

In 2012 we were called by Ms Phoebe Lefebvre who, having acquired a one bedroom flat in Chester in April 2003. The question was if we could shed any light on how much (approximately) premium could be for a 90 year lease extension. Comparable premises in Chester with an extended lease were in the region of £223,400. The average amount of ground rent was £60 invoiced yearly. The lease expiry date was on 15 August 2084. Considering the 59 years unexpired we calculated the compensation to the landlord to extend the lease to be between £27,600 and £31,800 not including fees.