Why you should start your Abridge lease extension

Top reasons for lease extension now:

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

The rule of thumb is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Abridge may extend the lease for a further 90 years under Leasehold Reform legislation. Do give careful consideration before delaying your Abridge lease extension. Postponing that expense now simply increases the premium you will ultimately have to pay to extend the lease.

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with in excess of 100 years remaining is worth approximately 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.

Banks and Building Societies may decide not to loan monies on a short lease

The trend since over the last decade has been for banks to tighten lending criteria generally - this has extended to the property over which the mortgage is to be charged. This has meant the unexpired lease term required by mortgage companies has increased. In the past lenders would grant a mortgage on a lease with twenty years plus the term of the loan - typically 50 year leases but those requirements have been chipped away by the requirement for longer and longer leases - many now have a minimum term of 75 years as standard.

Why use us for your lease extension in Abridge?

Engaging our service will provide you better control over the value of your Abridge leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Abridge Lease Extension Case Studies:

Sam, Abridge, Essex

In recent months Sam, started to get close to the eighty-year threshold with the lease on his ground floor apartment in Abridge. Having bought his property two decades ago, the lease term was of no importance. by good luck, it dawned on him that he needed to take action soon on a lease extension. Sam was able to extend his lease just under the wire last August. Sam and the landlord who owned the flat above ultimately settled on sum of £5,000 . If he had missed the deadline, the amount would have increased by a minimum £950.

Abridge case:

Mr Ibrahim García took over the lease of a studio flat in Abridge in August 1997. We are asked if we could estimate the price could be to prolong the lease by a further 90 years. Comparative residencies in Abridge with a long lease were worth £176,200. The average amount of ground rent was £65 invoiced quarterly. The lease expired on 9 July 2081. Given that there were 56 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £29,500 and £34,000 plus legals.