Why you should start your Ashton lease extension

Main reasons to commence your Ashton lease extension today:

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

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

An extended lease has roughly the same value as a freehold

Leasehold properties in Ashton with in excess of one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Lending institutions may decide not to lend with a short lease

Almost all banks and building societies insist on a lengthy amount of time left on any leasehold residence before they will contemplate providing a mortgage on it. Even if you don't require a mortgage, you should be aware that it is likely that someone intending to buy your property in the future might well do, so where they can't secure a mortgage, then the financial worth of your property could suffer. In the last decade many mortgage lenders have increased the required minimum lease length that they are prepared to accept

What makes us experts in Ashton lease extensions?

Using our service will provide you increased control over the value of your Ashton leasehold, as your property will be more valuable and saleable in respect of lease length should you want 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.

Ashton Lease Extension Example Cases:

Harrison, Ashton, Bristol,

Harrison was the the leasehold proprietor of a high value apartment in Ashton being marketed with a lease of fraction over 72 years left. Harrison on an informal basis approached his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years subject to a new rent at the outset set at £150 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Harrison to invoke his statutory right. Harrison obtained expert legal guidance and was able to make a more informed judgement and handle with the matter and ending up with a market value flat.

Ashton case:

Last Winter we were contacted by Mr Mason Davies , who acquired a studio flat in Ashton in February 2004. We are asked if we could approximate the price could be to prolong the lease by an additional years. Identical residencies in Ashton with a long lease were valued around £260,000. The mid-range amount of ground rent was £50 collected monthly. The lease lapsed on 23 May 2097. Having 71 years remaining we calculated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 not including professional charges.

Ashton case:

In 2012 we were phoned by Mr and Mrs. J Flores who, having moved into a purpose-built apartment in Ashton in March 2009. We are asked if we could approximate the price could be for a 90 year lease extension. Similar residencies in Ashton with 100 year plus lease were valued about £254,200. The mid-range amount of ground rent was £60 collected per annum. The lease came to a finish in 2077. Considering the 51 years outstanding we estimated the premium to the landlord to extend the lease to be within £43,700 and £50,600 exclusive of legals.