The only way is down when it comes to Chislehurst lease terms. Chislehurst properties that have a lease term fewer than eighty years will drop in market price even faster, and the cost of extending your lease will rise.
Leasehold residencies in Chislehurst with over 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Chislehurst can be a difficult process. We recommend you obtain professional help from a lawyer and surveyor 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 a wealth of experience procuring Chislehurst lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Two years ago William, started to get near to the eighty-year mark with the lease on his ground floor flat in Chislehurst. Having bought his home two decades ago, the lease term was of no interest. by good luck, he realised he needed to take action soon on Extending the lease. William arranged for a lease extension just in the nick of time last March. William and the landlord eventually settled on the final figure of £6,000 . If the lease had fallen lower than 80 years, the premium would have increased by a minimum £950.
In 2013 we were contacted by Ms Rosie Walker who, having owned a first floor apartment in Chislehurst in January 2010. The dilemma was if we could approximate the compensation to the landlord would be for a 90 year lease extension. Comparable properties in Chislehurst with 100 year plus lease were in the region of £189,000. The average ground rent payable was £55 collected yearly. The lease lapsed on 11 January 2079. Taking into account 53 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £28,500 and £33,000 plus professional charges.
An example of a Lease Extension decision for a Chislehurst residence 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 affected 1 flat. The unexpired term as at the valuation date was 72 years.