The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Chorley may extend the lease for a further 90 years in accordance with legislation. Please think carefully before delaying your Chorley lease extension. Putting off the costs today simply escalates the price you will ultimately be required to pay for a lease extension.
It is conventional wisdom that a property with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Birmingham Midshires | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Halifax |
Retaining our service gives you increased control over the value of your Chorley leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
During the course of the last few months Jayden, started to get near to the eighty-year mark with the lease on his basement flat in Chorley. In buying his home 19 years previously, the lease term was of no importance. by good luck, he realised he would imminently be paying an escalated premium for a lease extension. Jayden was able to extend his lease at the eleventh hour last January. Jayden and the landlord ultimately settled on sum of £5,000 . If he not met the deadline, the sum would have become more costly by at least £1,150.
In 2012 we were phoned by Mr and Mrs. M Pérez who, having completed a one bedroom flat in Chorley in August 1998. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by ninety years. Comparable premises in Chorley with a long lease were valued about £235,600. The average amount of ground rent was £60 invoiced annually. The lease elapsed in 2088. Taking into account 62 years outstanding we estimated the premium to the freeholder for the lease extension to be between £21,900 and £25,200 not including expenses.
In 2011 we were approached by Ms Y Ramírez who, having owned a purpose-built apartment in Chorley in March 2000. We are asked if we could approximate the compensation to the landlord would be to extend the lease by a further 90 years. Identical flats in Chorley with a long lease were in the region of £174,200. The average amount of ground rent was £55 billed yearly. The lease concluded in 2077. Having 51 years remaining we estimated the compensation to the freeholder for the lease extension to be within £31,400 and £36,200 exclusive of costs.