Chinnor leases on domestic deteriorating in value. if your lease has in the region of 90 years left, you should start thinking about a lease extension. It is important to recognise that it is that it is desirable for your lease extension to be in place before the term of the current lease falls below eighty years - otherwise a higher premium will be due. Flat owners in Chinnor will usually qualify for a lease extension; however a solicitor will check your eligibility. In some situations you may not be entitled. There are also strict timetables and steps to follow once the process is initiated so it’s prudent to be guided by a lawyer during the process.
Leasehold premises in Chinnor with in excess of 100 years remaining on the lease are sometimes 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 to be gained by buying the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Lease extensions in Chinnor can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor 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 Chinnor lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Ben owned a 2 bedroom flat in Chinnor being marketed with a lease of a few days over 59 years left. Ben informally approached his landlord a well known Bristol-based freehold company for a lease extension. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £50 yearly. Ordinarily, ground rent would not be due on a lease extension were Ben to exercise his statutory right. Ben obtained expert advice and secured satisfactory resolution informally and sell the flat.
Mrs Chantelle Parker owned a basement apartment in Chinnor in January 1995. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by ninety years. Similar premises in Chinnor with an extended lease were in the region of £250,400. The average amount of ground rent was £65 billed annually. The lease ran out in 2089. Having 64 years unexpired we approximated the compensation to the landlord to extend the lease to be within £19,000 and £22,000 plus legals.
In 2011 we were approached by Dr T López who, having completed a basement apartment in Chinnor in September 2010. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by ninety years. Comparative flats in Chinnor with an extended lease were in the region of £189,000. The mid-range ground rent payable was £55 invoiced quarterly. The lease expiry date was on 25 April 2078. Given that there were 53 years remaining we approximated the premium to the landlord for the lease extension to be within £28,500 and £33,000 not including expenses.