Understanding Lease Extensions in Chatham – A Practical Guide
Lease extensions can feel complicated, especially in towns like Chatham, where many flats were built during the 1970s–1990s and sold with 99-year leases. If your lease is approaching or already under 90 years, it’s important to understand the financial impact and take timely action.
Many leaseholders only discover the urgency when trying to sell or remortgage, and by then the cost of extending the lease has already increased. Acting early helps keep costs down and protects your flat’s market value.
Why Lease Extensions Matter in Chatham
Chatham and the wider Medway area have a large stock of leasehold properties, particularly flats in developments such as St Mary’s Island, Brompton, and the town centre. As these properties age, the leases are shortening and many are now entering what’s known as the "danger zone".
Once your lease drops below 80 years, you’ll have to pay marriage value, an extra premium payable to the freeholder, reflecting the increase in value gained by extending the lease. This can significantly inflate the overall cost.
What’s the Cost of Extending a Lease?
As a rough guide:
At 85 years remaining, a lease extension might cost £8,000
At 78 years, the same lease could cost £16,000 or more
These figures vary depending on the property’s value, ground rent, and local market comparables. A formal valuation is the only way to get an accurate premium figure.
Our Approach to Lease Extension Valuations
At Olden Property, we specialise in providing RICS-compliant lease extension valuation reports that are:
✔️ Clear – We explain the process and your options in plain English
✔️ Evidence-based – Reports backed by relevant local market sales and relativity graphs
✔️ Fast – Reports typically delivered within 5 working days
✔️ Supported – We remain on hand to assist with negotiations, or to update the valuation if needed
We’re regularly instructed by leaseholders in ME4 and ME5, from Chatham’s riverside developments to the suburbs of Luton, Walderslade, and Wayfield.
When Should You Extend?
If your lease is below 85 years, the best time to act is now. Every year you delay reduces your negotiating position and increases the premium. Lease extensions are especially important if you're:
Selling – Many buyers and mortgage lenders will avoid short leases
Remortgaging – Most lenders require at least 80–85 years remaining
Planning ahead – Early action avoids a large premium down the line
We recommend getting a valuation as soon as your lease hits 85–90 years remaining, or sooner if you’re preparing to sell.
Need Help with a Lease Extension in Chatham?
We offer fixed-fee, professional lease extension valuations with no hidden extras. Whether you're going down the statutory route (under the Leasehold Reform Act 1993) or exploring an informal agreement, we can guide you through it.