Why you should start your Chopwell lease extension

Top reasons for lease extension now:

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

Owning a apartment usually means owning a lease of the property, which has a set term of years. This lease will usually be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Chopwell. Clearly, the term of lease left reduces as time goes by. This may slip by relatively unnoticed when the residence needs to be disposed of or re-mortgaged. The shorter the lease the lower the value of the property and the more it will cost to extend the lease. Eligible long lease owners in Chopwell have the legal entitlement to extend the lease for an additional 90 years under statute. You should give due attention before putting off your Chopwell lease extension. Putting off the cost now only increases the price you will eventually have to pay for a lease extension

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

Leasehold residencies in Chopwell with in excess of one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit it.

Lending institutions may decide not to issue a mortgage with a short lease

Banks and building societies do not like short residential leases. You are likely to experience difficulties if you want to sell your flat in Chopwell if the unexpired term of your lease is below the criteria set by the majority of mortgage companies. Different mortgage companies have different criteria but in the main they are looking for an unexpired term of at least seventy years.

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

The conveyancing solicitors that we work with procure Chopwell lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Chopwell Lease Extension Case Studies:

Alicia, Chopwell, Tyne And Wear,

Trailing lengthy discussions with the landlord of her two bedroom flat in Chopwell, Alicia initiated the lease extension process as the eighty year deadline was quickly approaching. The transaction was concluded in May 2011. The freeholder’s fees were restricted to below six hundred GBP.

Chopwell case:

In 2013 we were e-mailed by Mr and Mrs. D Young who, having took over the lease of a one bedroom flat in Chopwell in January 1998. We are asked if we could estimate the premium would be to extend the lease by a further 90 years. Identical properties in Chopwell with an extended lease were in the region of £275,000. The average amount of ground rent was £45 invoiced monthly. The lease terminated in 2095. Considering the 69 years left we calculated the premium to the landlord for the lease extension to be within £12,400 and £14,200 exclusive of fees.

Chopwell case:

In 2011 we were e-mailed by Mr and Mrs. G Sánchez who, having purchased a one bedroom apartment in Chopwell in September 1999. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to extend the lease by an additional years. Comparative properties in Chopwell with 100 year plus lease were in the region of £216,000. The mid-range amount of ground rent was £60 invoiced quarterly. The lease finished in 2084. Taking into account 58 years unexpired we calculated the premium to the landlord to extend the lease to be within £28,500 and £33,000 exclusive of fees.