Main reasons to commence your Abridge lease extension

Top reasons for lease extension now:

Increase your lease and increase your Abridge property value

Abridge leases on domestic properties are gradually losing value. Where your lease has about ninety years remaining, you should start thinking about a lease extension. Eighty years is a significant number: when the remaining term of a lease falls below this level then you start incurring an additional element called marriage value. Leasehold owners in Abridge will mostly be legally entitled to a lease extension; however a solicitor will confirm your eligibility. In some cases you may not be entitled. There are also strict deadlines and procedures to comply with once the process has commenced so it’s wise to be guided by a lawyer during the process.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

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

Nearly all banks and building societies require a lengthy amount of time remaining on any leasehold residence before they will contemplate providing a mortgage on it. Regardless of whether you require a mortgage, you should be aware that it is likely that someone wanting to acquire your property in the future might well do, so if they can't secure a mortgage, then the value of your property will likely be adversely impacted. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are prepared to grant a mortgage on

Why use us for your lease extension in Abridge?

The conveyancing solicitors that we work with undertake 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 conveyancer we work with provide it.

Abridge Lease Extension Example Cases:

Tyler, Abridge, Essex,

Tyler was the the leasehold owner of a high value flat in Abridge being sold with a lease of a few days over 72 years remaining. Tyler on an informal basis spoke with his landlord being a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to a new rent at the outset set at £200 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Tyler to invoke his statutory right. Tyler obtained expert advice and was able to make an informed decision and deal with the matter and ending up with a market value flat.

Abridge case:

In 2012 we were e-mailed by Dr V André who, having was assigned a lease of a one bedroom flat in Abridge in January 2010. We are asked if we could approximate the premium would be to prolong the lease by an additional years. Similar properties in Abridge with 100 year plus lease were worth £220,400. The mid-range amount of ground rent was £45 billed yearly. The lease ended on 17 August 2090. Considering the 64 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £15,200 and £17,600 exclusive of costs.