Ashton Lease Extension - Free Consultation

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Top reasons for Ashton lease extension


Why you should commence your Ashton lease extension today:

Increase your lease and increase your Ashton property value

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

It is generally accepted that a property with over 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Lending institutions may not grant a mortgage on a short lease

The definition of a short lease depends on the specific mortgage company, yet mortgage lenders start to become jittery at around 75 years. This will cause difficulties once you come to dispose of or refinance your flat as it will be practically unmortgageable. Even though you might not have an immediate desire to sell but when you do your buyer must wait 2 years before they can start the legal procedures for an extension to the lease.

Lender Requirement
Accord Mortgages 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.
Barclays plc Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below).

Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
Chelsea Building Society 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.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Yorkshire Building Society 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.

Why use us for your lease extension in Ashton?

Engaging our service will provide you better control over the value of your Ashton leasehold, as your property will be more valuable and marketable in terms 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.

Ashton Lease Extension Case Summaries:

Ben, Ashton, Bristol

14 months ago Ben, started to get close to the 80-year threshold with the lease on his garden apartment in Ashton. In buying his flat two decades ago, the unexpired term was of no interest. Luckily, he noticed he needed to take steps soon on Extending the lease. Ben was able to extend his lease just under the wire last January. Ben and the freeholder via the managing agents ultimately agreed on sum of £6,000 . If he had missed the deadline, the sum would have increased by at least £900.

Ashton case:

In 2009 we were approached by Mr Benjamin André who, having was assigned a lease of a garden flat in Ashton in May 2011. We are asked if we could estimate the premium would be for a ninety year extension to my lease. Similar properties in Ashton with 100 year plus lease were valued around £200,800. The average ground rent payable was £65 collected every twelve months. The lease lapsed in 2085. Taking into account 60 years as a residual term we estimated the premium to the landlord for the lease extension to be within £20,900 and £24,200 plus professional charges.

Ashton case:

In 2012 we were called by Ms Sophie Nelson who, having bought a studio apartment in Ashton in April 1996. The question was if we could estimate the price could be to extend the lease by a further 90 years. Identical premises in Ashton with an extended lease were valued around £255,000. The average amount of ground rent was £50 invoiced yearly. The lease expired on 22 March 2096. Considering the 71 years unexpired we approximated the premium to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of fees.