Top reasons for Chichester lease extension

Main reasons to commence your Chichester lease extension today:

Increase your lease and increase your Chichester property value

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

Chichester property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the premises will be worth the same as a freehold for decades to come.

Mortgage lenders will not lend on a short lease

The propensity since over the last decade has been for mortgage companies to tighten lending criteria across the board - this has extended to the types of security over which the home loan is to be granted. This has meant the minimum number of years remaining under the lease required by mortgage companies has increased. In the past banks would grant a mortgage on a lease with twenty years plus the term of the loan - typically 50 year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many now have a minimum term of 75 years as standard.

Get in touch with one of our Chichester lease extension solicitors or enfranchisement solicitors

Lease extensions in Chichester can be a difficult process. We recommend you get guidance from a conveyancing solicitor and valuer with experience in this area.

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 dealing with Chichester lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Chichester Lease Extension Example Cases:

Lily, Chichester, West Sussex,

After lengthy correspondence with the freeholder of her ground floor apartment in Chichester, Lily initiated the lease extension process as the eighty year deadline was fast coming. The transaction was finalised in November 2014. The landlord’s fees were restricted to less than 600 pounds.

Chichester case:

Mr and Mrs. H Laurent took over the lease of a one bedroom apartment in Chichester in May 1995. We are asked if we could approximate the premium would be for a 90 year lease extension. Similar flats in Chichester with a long lease were worth £181,600. The average ground rent payable was £55 invoiced per annum. The lease ended on 22 April 2078. Considering the 52 years left we approximated the compensation to the freeholder for the lease extension to be within £30,400 and £35,200 not including fees.

Chichester case:

Last Summer we were called by Mr and Mrs. C Miller , who bought a purpose-built apartment in Chichester in June 2012. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by 90 years. Comparable flats in Chichester with an extended lease were in the region of £290,000. The average amount of ground rent was £45 billed annually. The lease expired in 2098. Given that there were 72 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £11,400 and £13,200 exclusive of legals.