Chipping Campden leases on residential properties are gradually losing value. if your lease has about ninety years remaining, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for your lease extension to take place before the term of the existing lease dips lower than 80 years - otherwise a higher amount will be payable. Flat owners in Chipping Campden will usually qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to check if you qualify. In some situations you may not be entitled. There are prescribed timetables and procedures to comply with once the process has commenced so it’s sensible to be guided by a conveyancing solicitor during the process.
It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| Leeds Building Society | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Santander |
Irrespective of whether you are a tenant or a freeholder in Chipping Campden,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Chipping Campden valuers.
Off the back of protracted correspondence with the freeholder of her leasehold flat in Chipping Campden, Phoebe initiated the lease extension process as the 80 year threshold was fast coming. The lease extension completed in May 2005. The freeholder’s charges were kept to an absolute minimum.
In 2011 we were called by Mrs F Mercier who, having purchased a one bedroom flat in Chipping Campden in March 2005. The question was if we could approximate the compensation to the landlord would be for a ninety year lease extension. Comparable premises in Chipping Campden with an extended lease were in the region of £218,000. The mid-range amount of ground rent was £45 invoiced annually. The lease ran out on 25 February 2089. Considering the 63 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £17,100 and £19,800 not including legals.
Mr and Mrs. S Gray moved into a ground floor apartment in Chipping Campden in July 2003. The dilemma was if we could estimate the compensation to the landlord would be for a ninety year lease extension. Comparative premises in Chipping Campden with an extended lease were in the region of £265,000. The average ground rent payable was £50 billed annually. The lease elapsed in 2100. Considering the 74 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of fees.