Top reasons for Abridge lease extension

Main reasons to start your Abridge lease extension today:

Increase your lease and increase your Abridge property value

Abridge leases on residential properties are gradually losing value. if your lease has about 90 years left, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for the lease extension to be in place before the term of the current lease dips under eighty years - otherwise a higher premium will be due. Leasehold owners in Abridge will usually be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to check if you qualify. In certain cases you may not be entitled. There are also strict timetables and procedures to follow once the process is initiated so it’s best to be guided by a lawyer during the process.

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

Leasehold residencies in Abridge with over 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges warrant it.

Lending institutions may decide not to issue a mortgage on a short lease

The definition of a short lease depends on the specific mortgage company, yet banks and building societies start to become concerned at around 75 years. This will be problematic as and when you wish to dispose of or refinance your property as it will be effectively unmortgageable. Even though you may not have an immediate desire to sell but when you do your buyer must wait a couple of years before they can start the legal procedures for an extension to the lease.

Why use us for your lease extension in Abridge?

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

Abridge Lease Extension Example Cases:

Leon, Abridge, Essex

14 months ago Leon, started to get close to the 80-year mark with the lease on his first floor apartment in Abridge. In buying his home two decades ago, the length of the lease was of little concern. by good luck, it dawned on him that he needed to take action soon on a lease extension. Leon extended the lease at the eleventh hour last April. Leon and the freeholder via the management company eventually agreed on an amount of £5,500 . If he not met the deadline, the price would have escalated by at least £950.

Abridge case:

Dr Isabelle Pérez took over the lease of a basement flat in Abridge in January 2012. The question was if we could estimate the price could be to prolong the lease by a further 90 years. Comparative homes in Abridge with a long lease were in the region of £285,000. The average ground rent payable was £55 collected annually. The lease concluded in 2106. Taking into account 80 years unexpired we estimated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 plus costs.