Why you should commence your Chislehurst lease extension

Main reasons to commence your Chislehurst lease extension today:

Increase your lease and increase your Chislehurst property value

Chislehurst leases on domestic deteriorating in value. if your lease has in the region of ninety years unexpired, you should start thinking about a lease extension. If lease term is less than eighty years, you will then be required to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Chislehurst will mostly be legally entitled to a lease extension; however a solicitor should be able check your eligibility. In some situations you may not be entitled. There are prescribed deadlines and procedures to follow once the process has started so it’s prudent to be guided by a conveyancing solicitor during the process.

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

Leasehold premises in Chislehurst with over 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 circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.

Mortgage lenders may decide not to loan monies on a short lease

Lenders are making their criteria more stringent and many now require flats to have at least 60 if not 70 years left once the mortgage has expired. Given that a number of flats in Chislehurst were created in the fifties, sixties and seventies this means many now require lease extensions if they wish to obtain a mortgage.

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

Irrespective of whether you are a tenant or a landlord in Chislehurst,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Chislehurst valuers.

Chislehurst Lease Extension Example Cases:

Dexter, Chislehurst, South East London,

Dexter was the the leasehold owner of a conversion apartment in Chislehurst being marketed with a lease of a few days over fifty eight years outstanding. Dexter informally contacted his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £100 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Dexter to exercise his statutory right. Dexter obtained expert advice and secured an acceptable resolution informally and ending up with a market value flat.

Chislehurst case:

Last Autumn we were approach by Mr Jackson Morgan , who took over the lease of a one bedroom flat in Chislehurst in September 2012. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by 90 years. Identical residencies in Chislehurst with a long lease were worth £275,000. The mid-range ground rent payable was £65 collected every twelve months. The lease came to a finish in 2094. Given that there were 68 years remaining we calculated the premium to the landlord for the lease extension to be between £12,400 and £14,200 plus expenses.