Main reasons to start your Chigwell lease extension

Top reasons for lease extension now:

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

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

An extended lease is almost the same value as a freehold

Leasehold properties in Chigwell with more than 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges merit it.

Banks and Building Societies may decide not to lend with a short lease

Lenders are tightening their criteria and a meaningful number now require flats to have at least sixty if not seventy years remaining at the expiry of the mortgage. Given that many flats in Chigwell were created in the fifties, sixties and seventies as a result many now require lease extensions if they if they are to be mortgageable.

Why use us for your lease extension in Chigwell?

Using our service will provide you increased control over the value of your Chigwell leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Chigwell Lease Extension Example Cases:

Archie, Chigwell, Essex

Last Winter Archie, started to get close to the eighty-year mark with the lease on his ground floor flat in Chigwell. In buying his flat two decades ago, the unexpired term was of no interest. Luckily, he noticed he would soon be paying an escalated premium for Extending the lease. Archie was able to extend his lease at the eleventh hour last September. Archie and the freeholder eventually agreed on a premium of £5,000 . If the lease had gone to less than 80 years, the amount would have gone up by a minimum £1,025.

Chigwell case:

Last Christmas we were e-mailed by Ms Francesca Green , who bought a one bedroom apartment in Chigwell in September 2011. The dilemma was if we could shed any light on how much (approximately) price would likely be to extend the lease by a further 90 years. Identical premises in Chigwell with an extended lease were worth £183,600. The average amount of ground rent was £65 billed quarterly. The lease terminated in 2083. Taking into account 57 years outstanding we calculated the compensation to the landlord for the lease extension to be within £28,500 and £33,000 exclusive of expenses.