Top reasons for Chiseldon lease extension

Main reasons to start your Chiseldon lease extension today:

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

The re-sale value of a leasehold property in Chiseldon depends on how long the lease has left to run. If it is near to or less than eighty years you should envisage problems on re-sale, so it is recommended to arrange for the lease to be extended before buying. It is preferable to commence the process of extending the lease is when a lease still has 82 years remaining so that a lease extension can be addressed ahead of the 80 year cut off point. Leasehold Reform legislation enables Chiseldon qualifying lessees to an additional term of 90 years in addition to the existing term, at a peppercorn rent (zero ground rent). The intention of the valuation is to determine the sum payable by the lessee to the freeholder for the purchase of the lease extension.

Chiseldon property with a lease extension is almost the same value as a freehold

It is generally accepted that a residential leasehold with in excess of 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Lending institutions may not loan monies with a short lease

Banks and building societies are making their criteria more stringent and many now require flats to have a minimum of 60 if not 70 years remaining once the mortgage has expired. Considering many flats in Chiseldon were created in the 1950s, 1960s and 1970s this means many now require lease extensions if they wish to obtain a mortgage.

What makes us experts in Chiseldon lease extensions?

Using our service gives you increased control over the value of your Chiseldon leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Chiseldon Lease Extension Example Cases:

Finley, Chiseldon, Wiltshire

Half a year ago Finley, came very near to the eighty-year mark with the lease on his basement flat in Chiseldon. In buying his home two decades ago, the unexpired term was of no relevance. Thankfully, he became aware that he would soon be paying an escalated premium for Extending the lease. Finley extended the lease just in the nick of time last July. Finley and the landlord who owned the flat above in the end settled on an amount of £5,500 . If he failed to meet the deadline, the amount would have increased by a minimum £1,150.

Chiseldon case:

Last March we were approach by Mr M Vincent , who completed a one bedroom apartment in Chiseldon in March 2001. The dilemma was if we could approximate the premium could be to prolong the lease by 90 years. Comparable properties in Chiseldon with a long lease were in the region of £265,000. The average ground rent payable was £50 collected every twelve months. The lease termination date was in 2100. Having 74 years remaining we calculated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 plus legals.

Chiseldon case:

Last Christmas we were called by Mr and Mrs. L King , who purchased a ground floor apartment in Chiseldon in April 2011. We are asked if we could approximate the premium could be for a ninety year extension to my lease. Comparable properties in Chiseldon with an extended lease were in the region of £166,400. The average ground rent payable was £60 billed annually. The lease ran out in 2080. Considering the 54 years remaining we approximated the compensation to the freeholder to extend the lease to be between £32,300 and £37,400 plus fees.