Why you should commence your Chislehurst lease extension

Top reasons for lease extension now:

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

Chislehurst leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. It is the case that most Chislehurst tenants have the right to extend their lease by an additional 90 years in accordance with the 1993 Leasehold Reform Act. Where you are a leasehold owner in Chislehurst you really ought to investigate if your lease has between 70 and ninety years left. There are compelling reasons why a Chislehurst flat owner with a lease having around 80 years unexpired should take steps to ensure that a lease extension is put in place without delay

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Lenders will not lend with a short lease

Most banks have tightened lending criteria in the last ten years and borrowers are encountering difficulties in arranging funding or re-mortgage against flats with shorter lease terms, particularly below seventy years as they are regarded as deficient for lending purposes.

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

Lease extensions in Chislehurst can be a difficult process. We recommend you procure professional help from a lawyer and valuer with experience in lease extensions.

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 a wealth of experience 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 Example Cases:

Francesca, Chislehurst, South East London,

Off the back of lengthy discussions with the landlord of her ground floor apartment in Chislehurst, Francesca started the lease extension process as the eighty year threshold was swiftly nearing. The lease extension completed in May 2013. The freeholder’s charges were restricted to a tad over 500 pounds.

Chislehurst case:

Dr D Gómez purchased a one bedroom apartment in Chislehurst in January 1997. The dilemma was if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Identical residencies in Chislehurst with an extended lease were valued around £230,800. The average amount of ground rent was £60 collected yearly. The lease came to a finish in 2086. Given that there were 60 years as a residual term we estimated the compensation to the freeholder for the lease extension to be within £24,700 and £28,600 not including fees.