Top reasons for Ashbourne lease extension

Top reasons for lease extension now:

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

The only way is down when it comes to Ashbourne lease terms. Ashbourne properties that have a lease term shorter than eighty years will drop in market price at a rapid rate, and the cost to extend your lease will rise.

Ashbourne property with a lease extension is almost the same value as a freehold

Leasehold premises in Ashbourne with over 100 years unexpired on the lease are often referred to as ‘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 to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.

Mortgage lenders will not finance a property on a short lease

Almost all mortgage lenders will not grant a mortgage on a lease with under 70 years left to run - although this varies from lender to lender. A buyer will undoubtedly encounter difficulties in obtaining a mortgage and this could result in your Ashbourne property being difficult to dispose of or to obtain finance on.

Get in touch with one of our Ashbourne lease extension solicitors or enfranchisement solicitors

Lease extensions in Ashbourne can be a difficult process. We recommend you procure professional help from a conveyancer 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 dealing with Ashbourne lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Ashbourne Lease Extension Example Cases:

Edward, Ashbourne, Derbyshire

During the course of the last few months Edward, started to get near to the 80-year mark with the lease on his studio flat in Ashbourne. Having purchased his home 18 years ago, the length of the lease was of minimal significance. Thankfully, he recognised he would soon be paying an escalated premium for Extending the lease. Edward extended the lease just in the nick of time in August. Edward and the freeholder subsequently agreed on an amount of £5,500 . If he failed to meet the deadline, the premium would have gone up by at least £1,125.

Ashbourne case:

Last Christmas we were e-mailed by Dr B Jackson , who took over the lease of a garden apartment in Ashbourne in September 2006. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Similar homes in Ashbourne with an extended lease were worth £205,000. The mid-range amount of ground rent was £50 invoiced monthly. The lease concluded on 7 June 2104. Taking into account 78 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 not including expenses.

Ashbourne case:

Last November we were called by Ms Kayleigh Rose , who moved into a basement apartment in Ashbourne in March 1997. We are asked if we could approximate the price would be to prolong the lease by an additional years. Similar properties in Ashbourne with 100 year plus lease were valued about £267,600. The average amount of ground rent was £65 invoiced yearly. The lease ran out on 24 September 2093. Given that there were 67 years remaining we calculated the premium to the landlord to extend the lease to be within £14,300 and £16,400 not including costs.