Why you should commence your Chesterfield lease extension

Main reasons to commence your Chesterfield lease extension today:

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

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

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Lending institutions may decide not to lend with a short lease

Most mortgage lenders have tightened lending criteria in the last ten years and borrowers are encountering difficulties in arranging funding or re-mortgage against property with shorter lease terms, particularly below seventy years as they are considered to be insufficient for lending purposes.

What makes us experts in Chesterfield lease extensions?

Retaining our service will provide you increased control over the value of your Chesterfield leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Chesterfield Lease Extension Case Studies:

Alexander, Chesterfield, Derbyshire

18 months ago Alexander, started to get near to the eighty-year mark with the lease on his first floor apartment in Chesterfield. Having purchased his home two decades ago, the lease term was of minimal significance. by good luck, it dawned on him that he would imminently be paying way over the odds for a lease extension. Alexander extended the lease at the eleventh hour last April. Alexander and the landlord who owned the flat above eventually settled on the final figure of £6,000 . If the lease had descended below eighty years, the figure would have increased by at least £1,000.

Chesterfield case:

Last Winter we were called by Dr Jayden Howard , who completed a one bedroom apartment in Chesterfield in September 2006. We are asked if we could approximate the premium would be to prolong the lease by an additional years. Similar premises in Chesterfield with 100 year plus lease were valued about £275,000. The mid-range amount of ground rent was £55 invoiced quarterly. The lease expired on 9 August 2102. Taking into account 76 years remaining we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of fees.

Chesterfield case:

Ms O François was assigned a lease of a first floor apartment in Chesterfield in October 1996. The dilemma was if we could approximate the premium would likely be for a 90 year extension to my lease. Identical flats in Chesterfield with 100 year plus lease were valued about £176,200. The average amount of ground rent was £65 invoiced monthly. The lease finished on 8 March 2082. Taking into account 56 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £29,500 and £34,000 not including professional charges.