Top reasons for Ashbourne lease extension

Main reasons to commence your Ashbourne lease extension today:

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

On the balance of probabilities if you own a flat in Ashbourne you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold premises in Ashbourne with over one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it.

Lenders may decide not to finance a property with a short lease

Lenders do not lend on short residential leases. You most probably encounter problems where you wish to sell your flat in Ashbourne if the unexpired term of your lease is under the criteria set by most lenders. Different lenders have different requirements but in the main theyrequire a minimum remaining lease term of 65 years.

Why use us for your lease extension in Ashbourne?

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

Ashbourne Lease Extension Example Cases:

Ellie, Ashbourne, Derbyshire,

After lengthy correspondence with the freeholder of her ground floor flat in Ashbourne, Ellie commenced the lease extension process just as her lease was approaching the all-important 80-year threshold. The legal work completed in August 2010. The freeholder’s costs were kept to an absolute minimum.

Ashbourne case:

In 2011 we were e-mailed by Ms A Walker who, having was assigned a lease of a ground floor flat in Ashbourne in September 2012. We are asked if we could approximate the premium could be for a 90 year extension to my lease. Comparable premises in Ashbourne with 100 year plus lease were worth £295,000. The mid-range amount of ground rent was £45 invoiced every twelve months. The lease finished on 27 May 2100. Having 74 years as a residual term we calculated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 plus fees.

Ashbourne case:

Mr and Mrs. L Nelson completed a basement flat in Ashbourne in March 2009. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by 90 years. Similar properties in Ashbourne with 100 year plus lease were in the region of £248,000. The mid-range ground rent payable was £65 collected every twelve months. The lease ended on 14 June 2089. Having 63 years outstanding we estimated the compensation to the landlord to extend the lease to be between £20,900 and £24,200 not including fees.