The closer a domestic lease in Chislehurst nears to zero years unexpired, the the greater the reduction in the value of the property. If the residual term has, more than one hundred years to run then this decrease may be negligible however there will become a point in time when a lease has under than eighty years left as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary rational as to why you should extend the lease sooner than later. The majority of flat owners in Chislehurst will qualify for this right; nevertheless a conveyancer should be able to confirm if you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.
Leasehold properties in Chislehurst with more than one hundred years left 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 reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Skipton Building Society | |
| Royal Bank of Scotland |
Irrespective of whether you are a tenant or a landlord in Chislehurst,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Chislehurst valuers.
After unsuccessful discussions with the landlord of her purpose-built flat in Chislehurst, Lauren initiated the lease extension process as the eighty year deadline was quickly coming. The lease extension completed in June 2013. The freeholder’s charges were kept to an absolute minimum.
Dr Jonathan Sharif moved into a basement flat in Chislehurst in July 2000. We are asked if we could estimate the compensation to the landlord would be for a ninety year lease extension. Comparative flats in Chislehurst with an extended lease were in the region of £300,000. The mid-range amount of ground rent was £50 collected yearly. The lease elapsed on 17 March 2102. Taking into account 76 years remaining we approximated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of legals.
An example of a Lease Extension case for a Chislehurst premises is 70 Andace Park Gardens 133-149 Widmore Road in November 2013. Tribunal determined that the premium payable for the lease extension was £10,052 This case was in relation to 1 flat. The unexpired term was 72 years.