Top reasons for Abridge lease extension

Top reasons for lease extension now:

A Abridge lease depreciates with the years remaining on the lease.

Abridge leases on residential properties are gradually losing value. Where your lease has approximately ninety years remaining, you should start thinking about a lease extension. If lease term is less than eighty years, you will then be required to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. 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 formalities to follow once the process has started so it’s wise to be guided by a lawyer during the process.

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

Leasehold properties in Abridge with in excess of 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges justify it.

Lending institutions may decide not to finance a property on a short lease

Banks and Building Societies have set criteria when loaning monies secured on leasehold property. Some will simply refrain from lending at all once the residual lease term drops beneath a certain unexpired lease term. Many Lending institutions will not regard property with an unexpired below seventy years as acceptable security. As well as impacting your ability to sell, it is also relevant where you are intending to refinance your Abridge home.

What makes us experts in Abridge lease extensions?

Lease extensions in Abridge can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and valuer with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Abridge lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Abridge Lease Extension Example Cases:

Gemma, Abridge, Essex,

In the wake of 6 months of unsuccessful discussions with the freeholder of her one bedroom apartment in Abridge, Gemma initiated the lease extension process just as her lease was coming close to the critical eighty-year mark. The lease extension was concluded in October 2012. The freeholder’s fees were negotiated to less than four hundred GBP.

Abridge case:

Ms M Lefebvre purchased a newly refurbished apartment in Abridge in September 1998. We are asked if we could shed any light on how much (approximately) premium could be to prolong the lease by 90 years. Comparable residencies in Abridge with 100 year plus lease were valued around £255,000. The average ground rent payable was £50 billed monthly. The lease terminated in 2095. Considering the 70 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 not including expenses.