Main reasons to start your Ampthill lease extension
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<h3> Top reasons for lease extension now:
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<h4> A <a href="http://www.lendermonitor.com/conveyancing/loc/ampthill">Ampthill</a> leasehold property depreciates with the years remaining on the lease.
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<p> The only way is down when it comes to Ampthill lease terms.
Ampthill leaseholds that have a residual term shorter than 80 years will reduce in market price at a rapid rate,
and the cost to extend your lease will rise.
<h4>An extended lease is almost the same value as a freehold</h4>
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Leasehold premises in Ampthill with in excess of 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges justify it. <h4>Lenders may not issue a mortgage with a short lease</h4> Most mortgage lenders require a lengthy amount of time left on a leasehold residence before they will contemplate providing a mortgage on it. Regardless of whether you need a mortgage, you should be conscious that it is probable that someone wishing to purchase your property in the future might well do, so in the event that they can't get a mortgage, then the market price of the property will likely be adversely impacted. Since 2008 the majority of banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on <p>
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<th> Requirement
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<td>Halifax</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Leeds Building Society</td>
<td> 85 years remaining from the start of the mortgage.
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<td>TSB</td>
<td> Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
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<td>Virgin</td>
<td> 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
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<td>Yorkshire Building Society</td>
<td> 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
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<h4> Get in touch with one of our Ampthill lease extension solicitors or enfranchisement solicitors
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<p> Engaging our service will provide you enhanced control over the value of your Ampthill leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell.
The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions. <h4>
Ampthill Lease Extension Example Cases:
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<h5> Evan, Ampthill, Bedfordshire</h5>
<p> In 2014 Evan, came perilously close to the 80-year threshold with the lease on his first floor apartment in Ampthill. Having purchased his property 18 years ago, the lease term was of no concern. Fortunately, he recognised he would imminently be paying an escalated premium for a lease extension. Evan extended the lease at the eleventh hour in May. Evan and the freeholder via the management company eventually settled on the final figure of £5,000 . If the lease had dipped below 80 years, the sum would have become more exhorbitant by a minimum £975.
<h5>Ampthill case:</h5>
<p> Mr and Mrs. S Richardson acquired a ground floor apartment in Ampthill in July 2009. The question was if we could approximate the compensation to the landlord would be for a 90 year lease extension. Comparable homes in Ampthill with an extended lease were in the region of £235,200. The mid-range amount of ground rent was £45 billed every twelve months. The lease end date was on 24 May 2092. Given that there were 66 years left we calculated the premium to the landlord to extend the lease to be within £12,400 and £14,200 plus fees.
<h5>Ampthill case:</h5>
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In 2010 we were called by Dr J Flores who, having acquired a newly refurbished apartment in Ampthill in January 2010. The dilemma was if we could estimate the price would likely be to prolong the lease by a further 90 years. Identical homes in Ampthill with a long lease were valued around £275,000. The mid-range amount of ground rent was £55 billed quarterly. The lease end date was in 2103. Considering the 77 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 exclusive of expenses.
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