The basic rule is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Chipping Campden can extend the lease for an additional ninety years under legislation. Do think carefully before delaying your Chipping Campden lease extension. Shelving the costs today simply increases the price you will eventually be required to pay for a lease extension.
It is conventional wisdom that a property with over one hundred years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Leeds Building Society | |
| TSB | |
| The Mortgage Works | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
Lease extensions in Chipping Campden can be a difficult process. We recommend you get guidance from a lawyer 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 in-depth market knowledge dealing with Chipping Campden lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Ethan owned a high value flat in Chipping Campden on the market with a lease of just over fifty eight years remaining. Ethan informally spoke with his freeholder being a well known Manchester-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £150 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Ethan to invoke his statutory right. Ethan obtained expert advice and secured an acceptable deal without resorting to tribunal and sell the property.
In 2010 we were called by Mrs Sophie Hill who, having purchased a studio flat in Chipping Campden in July 2010. The question was if we could approximate the price would likely be to extend the lease by ninety years. Comparative properties in Chipping Campden with a long lease were valued around £280,000. The mid-range amount of ground rent was £55 collected quarterly. The lease expired in 2104. Having 78 years remaining we calculated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 exclusive of fees.
In 2011 we were called by Mr L Reed who, having completed a ground floor apartment in Chipping Campden in April 1999. We are asked if we could estimate the premium would likely be to extend the lease by 90 years. Comparative properties in Chipping Campden with an extended lease were in the region of £186,000. The mid-range ground rent payable was £65 collected yearly. The lease terminated in 2084. Taking into account 58 years unexpired we estimated the premium to the freeholder for the lease extension to be between £24,700 and £28,600 not including professional charges.