Why you should commence your Chorley lease extension

Top reasons for lease extension now:

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

The rule of thumb is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Chorley can extend the lease for an additional 90 years in accordance with legislation. Do think carefully before delaying your Chorley lease extension. Shelving the costs today simply increases the premium you will eventually be required to pay for a lease extension.

An extended lease is almost the same value as a freehold

Leasehold properties in Chorley with over one hundred years remaining 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 to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Banks and Building Societies may not loan monies with a short lease

Most mortgage lenders have tightened lending criteria in the last ten years and borrowers are encountering difficulties in arranging finance or re-mortgage against flats with shorter lease terms, particularly below seventy years as they are deemed to be inadequate for lending purposes.

Why use us for your lease extension in Chorley?

Lease extensions in Chorley can be a difficult process. We recommend you secure guidance from a conveyancing solicitor 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 in-depth market knowledge procuring Chorley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Chorley Lease Extension Case Summaries:

Dylan, Chorley, Lancashire

During the course of the last few months Dylan, started to get near to the 80-year mark with the lease on his first floor apartment in Chorley. Having purchased his flat two decades ago, the unexpired term was of minimal significance. Thankfully, he noticed he would soon be paying an inflated amount for Extending the lease. Dylan arranged for a lease extension just under the wire in August. Dylan and the freeholder via the management company ultimately settled on sum of £5,500 . If he had missed the deadline, the figure would have gone up by at least £1,050.

Chorley case:

In 2010 we were phoned by Dr N Evans who, having acquired a ground floor apartment in Chorley in February 1999. The dilemma was if we could approximate the price would be for a ninety year lease extension. Comparable flats in Chorley with a long lease were worth £216,000. The average amount of ground rent was £60 billed monthly. The lease finished in 2084. Given that there were 58 years remaining we approximated the compensation to the freeholder to extend the lease to be between £28,500 and £33,000 exclusive of legals.

Chorley case:

Dr Georgia Alexander moved into a one bedroom apartment in Chorley in November 1995. We are asked if we could shed any light on how much (approximately) price would likely be for a 90 year extension to my lease. Comparative residencies in Chorley with a long lease were valued about £200,000. The average ground rent payable was £50 invoiced monthly. The lease came to a finish on 21 February 2104. Taking into account 78 years left we estimated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of costs.