Why you should commence your Abridge lease extension

Why you should start your Abridge lease extension today:

Increase your lease and increase your Abridge property value

The value of Abridge leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate materialy once the unexpired lease term is below than 80 years

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 35 years left, the residence will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may decide not to loan monies on a short lease

The propensity since 2008 has been for banks to tighten lending requirements generally - this has extended to the types of security over which the mortgage is to be charged. This has meant the unexpired lease term required by mortgage companies has increased. In the past lenders would grant a mortgage on a lease with twenty years plus the term of the loan - routinely 50 year leases but those requirements evolved by the requirement for longer and longer leases - many use a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Abridge?

The lawyers that we work with procure Abridge lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Abridge Lease Extension Example Cases:

Jack, Abridge, Essex,

Jack was the the leasehold proprietor of a high value flat in Abridge being marketed with a lease of a few days over 61 years unexpired. Jack informally spoke with his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £100 yearly. No ground rent would be due on a lease extension were Jack to invoke his statutory right. Jack obtained expert legal guidance and secured satisfactory deal without resorting to tribunal and ending up with a market value flat.

Abridge case:

Mr and Mrs. S Kelly was assigned a lease of a studio flat in Abridge in April 2007. The dilemma was if we could estimate the premium could be for a ninety year extension to my lease. Comparable residencies in Abridge with an extended lease were in the region of £245,000. The average amount of ground rent was £45 billed monthly. The lease ran out in 2094. Taking into account 68 years unexpired we estimated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of legals.