Chesterfield Lease Extension - Free Consultation

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Get a quote from one of our lease extension experts with over 20 years experience.

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Why you should start your Chesterfield lease extension

Why you should start your Chesterfield lease extension today:

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

On the balance of probabilities where you own a flat in Chesterfield you actually own a long leasehold interest over your property

Chesterfield property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Lending institutions may decide not to grant a mortgage on a short lease

Mortgage companies are inclined not lend on short residential leases. You are likely to encounter problems where you need to sell your flat in Chesterfield if the remaining lease term is under the criteria set by most banks and building societies. Different lenders have different criteria but generally theyrequire an unexpired term of at least 65 years.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
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.

Why use us for your lease extension in Chesterfield?

Retaining our service gives you better control over the value of your Chesterfield leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Chesterfield Lease Extension Case Summaries:

Niamh, Chesterfield, Derbyshire,

After unsuccessful correspondence with the landlord of her purpose-built apartment in Chesterfield, Niamh started the lease extension process just as the lease was coming close to the critical 80-year threshold. The lease extension was finalised in September 2006. The freeholder’s costs were kept to an absolute minimum.

Chesterfield case:

In 2011 we were called by Mr and Mrs. M Wood who, having acquired a newly refurbished apartment in Chesterfield in February 2003. We are asked if we could approximate the price could be for a 90 year lease extension. Identical homes in Chesterfield with a long lease were in the region of £270,000. The average amount of ground rent was £55 billed every twelve months. The lease elapsed on 14 July 2099. Having 74 years unexpired we estimated the premium to the landlord to extend the lease to be between £9,500 and £11,000 not including costs.

Chesterfield case:

Last Summer we were e-mailed by Mr and Mrs. H Hall , who owned a ground floor flat in Chesterfield in September 2004. The dilemma was if we could approximate the price would likely be for a 90 year lease extension. Comparable premises in Chesterfield with 100 year plus lease were worth £166,400. The mid-range amount of ground rent was £60 collected annually. The lease expiry date was on 13 May 2079. Considering the 54 years remaining we estimated the premium to the landlord for the lease extension to be within £32,300 and £37,400 not including expenses.