Stop! Your Lease Extension in Chigwell Could Be FREE

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Many leaseholders in Chigwell are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Chigwell has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to start your Chigwell lease extension

Why you should start your Chigwell lease extension today:

A Chigwell leasehold property depreciates with the years remaining on the lease.

Chigwell residential property held on a long lease is a wasting asset as the leaseholder merely owns the property for a period of years.

An extended lease is almost the same value as a freehold

Leasehold premises in Chigwell with over one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders may not finance a property with a short lease

Banks and Building Societies are less likely to give a mortgage on a domestic flat in Chigwell with a short lease. Some lenders simply refuse a mortgage on leases with below 75 years remaining.

Lender Requirement
Coventry Building Society
Leeds Building Society
Skipton Building Society
The Mortgage Works
Yorkshire Building Society

Why use us for your lease extension in Chigwell?

The lawyers that we work with handle Chigwell lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Chigwell Lease Extension Case Summaries:

Georgina, Chigwell, Essex,

Subsequent to protracted correspondence with the freeholder of her basement apartment in Chigwell, Georgina initiated the lease extension process as the eighty year threshold was fast nearing. The legal work completed in January 2014. The landlord’s fees were negotiated to approximately 700 GBP.

Chigwell case:

Mr Evan Johnson took over the lease of a studio apartment in Chigwell in August 2005. We are asked if we could approximate the premium could be to extend the lease by 90 years. Similar premises in Chigwell with a long lease were in the region of £260,000. The mid-range ground rent payable was £50 collected every twelve months. The lease elapsed on 23 January 2098. Taking into account 72 years outstanding we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 plus legals.

Decision in Redbridge

An example of a Freehold Enfranchisement matter before the tribunal for a Chigwell residence is 201 & 201a St. Barnabas Road in October 2013. The Tribunal decided that the price to be paid by the Applicants for the freehold interest is £20,071. This case related to 2 flats. The unexpired lease term was 69.26 years.