The only way is down when it comes to Chobham lease terms. Chobham flats that have a residual term fewer than 80 years will reduce in market price even faster, and the cost of extending your lease will go up.
Leasehold properties in Chobham with more than 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Leeds Building Society | 85 years remaining from the start 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. |
| 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 |
Lease extensions in Chobham can be a difficult process. We recommend you get professional help from a lawyer and valuer with experience in this area.
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 Chobham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of eight months of lengthy discussions with the landlord of her garden flat in Chobham, Amelia commenced the lease extension process just as the lease was approaching the critical 80-year deadline. The transaction was finalised in February 2014. The freeholder’s fees were restricted to below six hundred pounds.
Mrs Amy Wright purchased a first floor apartment in Chobham in April 2012. The question was if we could estimate the compensation to the landlord could be to extend the lease by a further 90 years. Similar homes in Chobham with an extended lease were valued around £225,400. The mid-range ground rent payable was £45 invoiced monthly. The lease lapsed on 2 July 2090. Considering the 64 years outstanding we calculated the premium to the freeholder to extend the lease to be between £15,200 and £17,600 not including legals.
Last Autumn we were e-mailed by Dr Y Simon , who completed a first floor flat in Chobham in May 1998. The question was if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by ninety years. Similar homes in Chobham with an extended lease were valued around £270,000. The average amount of ground rent was £55 collected annually. The lease expired in 2101. Having 75 years as a residual term we estimated the premium to the landlord for the lease extension to be between £9,500 and £11,000 not including expenses.