Main reasons to commence your Chorleywood lease extension

Why you should start your Chorleywood lease extension today:

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

It’s a harsh certainty that a Chorleywood residential lease is a deteriorating asset. As the lease term diminishes so does the value of the property. The extent of this is taken for granted in the first few years due to the reduction being disguised by increases in the Chorleywood property market.Once your lease nears 85ish years, you should start considering a lease extension. If the number of years remaining slips under 80 years, you will end up paying 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property The majority of leasehold owners in Chorleywood will be able to extend under the legislation; however a lawyer should be able to confirm if you are eligibility. In some cases you may not qualify. There are also strict timeframes and procedures to be adhered to once the process is instigated and you will need to be guided by your conveyancer from beginning to end of the process.

Chorleywood property with a lease extension has roughly the same value as a freehold

It is generally considered that a property with in excess of 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Lending institutions will not lend on a short lease

The definition of a short lease varies by mortgage company, yet mortgage lenders start to get jittery at around 75 years. This may cause difficulties when you wish to market or remortgage your property as it will be effectively unmortgageable. You may have no immediate plan to sell but when you do your purchaser will have to wait two years before being able to exercise the right to a a lease extension.

What makes us experts in Chorleywood lease extensions?

Lease extensions in Chorleywood can be a difficult process. We recommend you get professional help from a conveyancing solicitor and surveyor with experience in lease extensions.

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 a wealth of experience procuring Chorleywood lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Chorleywood Lease Extension Case Summaries:

Isabelle, Chorleywood, Hertfordshire,

After unsuccessful correspondence with the freeholder of her basement flat in Chorleywood, Isabelle started the lease extension process as the 80 year deadline was fast nearing. The legal work completed in October 2013. The freeholder’s fees were kept to an absolute minimum.

Chorleywood case:

In 2012 we were approached by Mr William Lewis who, having moved into a basement flat in Chorleywood in April 2005. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by 90 years. Similar flats in Chorleywood with a long lease were valued around £270,000. The mid-range amount of ground rent was £55 collected quarterly. The lease finished on 26 January 2100. Considering the 74 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of expenses.