The market value of Chorley leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate significantly once the unexpired lease term is less than eighty years
Leasehold premises in Chorley with in excess of 100 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 situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Halifax | |
| Leeds Building Society | |
| Santander | |
| Skipton Building Society |
Irrespective of whether you are a tenant or a landlord in Chorley,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 in-depth market knowledge and the close ties they enjoy with Chorley valuers.
Off the back of lengthy correspondence with the landlord of her one bedroom flat in Chorley, Charlotte initiated the lease extension process as the 80 year deadline was fast nearing. The lease extension was concluded in August 2006. The freeholder’s charges were restricted to below 700 pounds.
Mr and Mrs. A Cook completed a basement apartment in Chorley in September 1997. We are asked if we could shed any light on how much (approximately) price could be to prolong the lease by a further 90 years. Comparative homes in Chorley with an extended lease were in the region of £295,000. The mid-range amount of ground rent was £45 invoiced quarterly. The lease elapsed in 2100. Given that there were 74 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including costs.
Mr and Mrs. S Fournier purchased a one bedroom flat in Chorley in March 1998. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by 90 years. Comparable homes in Chorley with an extended lease were worth £243,000. The mid-range amount of ground rent was £65 collected yearly. The lease terminated in 2089. Taking into account 63 years left we estimated the premium to the freeholder for the lease extension to be between £20,000 and £23,000 not including professional charges.