Why you should commence your Chew Magna lease extension

Main reasons to start your Chew Magna lease extension today:

Increase your lease and increase your Chew Magna property value

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

An extended lease is almost the same value as a freehold

It is generally accepted that a property with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Mortgage lenders may not finance a property on a short lease

Most banks and building societies require a lengthy amount of time remaining on any leasehold residence before they will contemplate it as adequate security. Even if you don't need a mortgage, you should keep in mind that it is probable that someone intending to buy your property in the future might well do, so in the event that they can't get a mortgage, then the financial worth of your property will likely be adversely impacted. Since 2008 the majority of banks and building societies have increased the required minimum lease length that they are prepared to lend on

Why use us for your lease extension in Chew Magna?

Lease extensions in Chew Magna can be a difficult process. We recommend you secure professional help from a lawyer and surveyor well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Chew Magna lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Chew Magna Lease Extension Case Summaries:

Aimee, Chew Magna, North Somerset,

In the wake of eight months of unsuccessful negotiations with the landlord of her garden flat in Chew Magna, Aimee initiated the lease extension process just as the lease was nearing the crucial eighty-year deadline. The lease extension was concluded in November 2011. The freeholder’s costs were negotiated to a tad over 650 pounds.

Chew Magna case:

In 2009 we were contacted by Mr O Ricardo who, having was assigned a lease of a studio flat in Chew Magna in May 1999. The question was if we could estimate the premium would be to prolong the lease by an additional years. Comparable premises in Chew Magna with a long lease were in the region of £250,000. The average amount of ground rent was £50 invoiced monthly. The lease expired in 2095. Taking into account 69 years as a residual term we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 plus legals.

Chew Magna case:

In 2013 we were called by Mr and Mrs. M Gómez who, having bought a basement apartment in Chew Magna in July 1995. The question was if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year lease extension. Similar homes in Chew Magna with an extended lease were valued around £290,000. The average amount of ground rent was £60 invoiced monthly. The lease elapsed in 2106. Taking into account 80 years remaining we estimated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 exclusive of professional charges.