Top reasons for Chiseldon lease extension

Why you should commence your Chiseldon lease extension today:

Increase your lease and increase your Chiseldon property value

Chiseldon leases on residential deteriorating in value. if your lease has approximately 90 years left, you should start considering the need for a lease extension. If lease term is under 80 years, you will then be required to pay 50% of the property's 'marriage value' on top of the standard cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Chiseldon will mostly qualify for a lease extension; however It would be wise to check with a conveyancer to check your eligibility. In some circumstances you may not be entitled. There are also strict deadlines and steps to comply with once the process is triggered so it’s best to be guided by a lawyer during the process.

An extended lease is almost the same value as a freehold

Leasehold residencies in Chiseldon with in excess of 100 years outstanding 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 upside in purchasing the freehold unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies will not grant a mortgage on a short lease

Most mortgage companies will not lend on a lease with under 70 years unexpired - although this varies between mortgage companies. A purchaser will no doubt encounter difficulties to obtain a mortgage and this will result in your Chiseldon property being difficult to sell or remortgage.

Get in touch with one of our Chiseldon lease extension solicitors or enfranchisement solicitors

The conveyancers that we work with undertake Chiseldon 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.

Chiseldon Lease Extension Example Cases:

Rosie, Chiseldon, Wiltshire,

Trailing lengthy discussions with the landlord of her studio flat in Chiseldon, Rosie initiated the lease extension process as the 80 year deadline was rapidly coming. The transaction was finalised in September 2010. The freeholder’s charges were restricted to under 600 GBP.

Chiseldon case:

In 2013 we were phoned by Mr and Mrs. T Rivera who, having purchased a studio apartment in Chiseldon in October 2012. The question was if we could shed any light on how much (roughly) compensation to the landlord could be to extend the lease by a further 90 years. Comparative residencies in Chiseldon with an extended lease were valued around £168,800. The mid-range amount of ground rent was £60 invoiced monthly. The lease termination date was on 7 April 2081. Taking into account 55 years left we approximated the compensation to the landlord to extend the lease to be between £31,400 and £36,200 plus expenses.

Chiseldon case:

Last Spring we were contacted by Dr Kian Khan , who took over the lease of a ground floor apartment in Chiseldon in February 2009. We are asked if we could estimate the premium could be for a ninety year lease extension. Comparable premises in Chiseldon with an extended lease were valued around £235,200. The mid-range ground rent payable was £45 collected annually. The lease concluded in 2092. Considering the 66 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 plus professional charges.