Stop! Your Lease Extension in Chislehurst Could Be FREE

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Many leaseholders in Chislehurst are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Chislehurst has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to start your Chislehurst lease extension

Why you should commence your Chislehurst lease extension today:

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

Chislehurst residential property owned on a long lease is a wasting asset because a leaseholder merely owns the property for a period of years.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Lenders may not issue a mortgage with a short lease

Almost all banks and building societies will not lend on a lease with less than seventy years left to run - although this varies from lender to lender. A buyer will likely find it difficult in obtaining a mortgage and this will result in your Chislehurst property being difficult to dispose of or refinance.

Lender Requirement
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Halifax Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Why use us for your lease extension in Chislehurst?

Lease extensions in Chislehurst can be a difficult process. We recommend you get guidance from a conveyancer and valuer 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 Chislehurst lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Chislehurst Lease Extension Case Summaries:

Oliver, Chislehurst, South East London

Last year Oliver, started to get close to the eighty-year threshold with the lease on his studio apartment in Chislehurst. In buying his property two decades ago, the lease term was of no significance. Fortunately, he became aware that he needed to take steps soon on a lease extension. Oliver extended the lease just under the wire last July. Oliver and the landlord in the end agreed on the final figure of £6,000 . If he not met the deadline, the sum would have escalated by at least £1,125.

Chislehurst case:

Last Winter we were phoned by Mrs Kayleigh Scott , who moved into a garden apartment in Chislehurst in January 1996. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year lease extension. Similar homes in Chislehurst with an extended lease were valued about £233,200. The mid-range amount of ground rent was £60 billed per annum. The lease lapsed in 2087. Having 61 years unexpired we estimated the premium to the freeholder to extend the lease to be between £22,800 and £26,400 not including fees.

Decision in Bromley

An example of a Lease Extension decision for a Chislehurst flat 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 related to 1 flat. The number of years remaining on the existing lease(s) was 72 years.