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 start your Chislehurst lease extension today:

Increase your lease and increase your Chislehurst property value

On the balance of probabilities if you own a flat in Chislehurst you actually own a long leasehold interest over your property

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

Leasehold properties in Chislehurst with over one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and service charges justify it.

Mortgage lenders may not grant a mortgage with a short lease

The definition of a short lease depends on the specific mortgage company, yet mortgage lenders start to get nervous at around 75 years. This may be problematic once you come to sell or refinance your flat as it will be effectively unmortgageable. Even though you may not have an immediate plan to sell but when you do your purchaser will have to hold off for two years before being able to start the legal procedures for an extension to the lease.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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.
Lloyds TSB Scotland Minimum 70 years from the date 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.

Why use us for your lease extension in Chislehurst?

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.

Chislehurst Lease Extension Example Cases:

Alex, Chislehurst, South East London

Twenty four months ago Alex, started to get close to the 80-year mark with the lease on his ground floor apartment in Chislehurst. Having purchased his home 19 years previously, the lease term was of little relevance. Thankfully, he became aware that he needed to take action soon on a lease extension. Alex arranged for a lease extension just under the wire in March. Alex and the landlord in the end agreed on a premium of £5,000 . If the lease had slid to less than 80 years, the figure would have gone up by at least £975.

Chislehurst case:

In 2011 we were approached by Dr Austin Vincent who, having completed a first floor flat in Chislehurst in May 1996. The dilemma was if we could estimate the compensation to the landlord would likely be to extend the lease by a further 90 years. Comparable properties in Chislehurst with 100 year plus lease were in the region of £223,400. The mid-range ground rent payable was £60 billed monthly. The lease terminated in 2085. Given that there were 59 years remaining we approximated the compensation to the landlord for the lease extension to be within £27,600 and £31,800 plus costs.

Decision in Bromley

An example of a Lease Extension matter before the tribunal 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 was 72 years.