Stop! Your Lease Extension in Ongar Could Be FREE

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Many leaseholders in Ongar are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Ongar has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to commence your Ongar lease extension

Top reasons for lease extension now:

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

Ongar leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. Most owners of residential leasehold property in Ongar enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Ongar you really ought to investigate if your lease has between seventy and ninety years left. There are compelling reasons why a Ongar flat owner with a lease having around 80 years remaining should take action to ensure that a lease extension is actioned without delay

Ongar property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the premises will be equivalent in value to a freehold for many years in the future.

Lenders may decide not to lend with a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to become nervous at around 75 years. This will cause difficulties when you need to sell or refinance your flat as it will be practically unmortgageable. Even though you might have no imminent desire to sell but when you do your purchaser must wait two years before they can commence the legal procedures for an extension to the lease.

Lender Requirement
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.
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.

What makes us experts in Ongar lease extensions?

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

Ongar Lease Extension Case Studies:

Megan, Ongar, Essex,

Trailing unsuccessful correspondence with the freeholder of her purpose-built apartment in Ongar, Megan started the lease extension process as the eighty year threshold was swiftly coming. The lease extension was finalised in July 2010. The freeholder’s fees were negotiated to slightly above 450 GBP.

Ongar case:

In 2012 we were e-mailed by Mr and Mrs. V Fournier who, having moved into a purpose-built flat in Ongar in January 2011. We are asked if we could approximate the price could be to extend the lease by an additional years. Similar flats in Ongar with a long lease were valued about £275,000. The mid-range ground rent payable was £55 invoiced annually. The lease ended on 24 January 2102. Considering the 76 years left we calculated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of legals.

Ongar case:

Last Summer we were called by Dr Isabella Patel , who was assigned a lease of a one bedroom flat in Ongar in November 2011. The question was if we could approximate the price would likely be for a ninety year extension to my lease. Comparable flats in Ongar with 100 year plus lease were valued about £176,200. The average ground rent payable was £65 invoiced yearly. The lease ended in 2082. Given that there were 56 years remaining we approximated the premium to the landlord to extend the lease to be within £29,500 and £34,000 plus legals.