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Main reasons to start your Ardleigh Green lease extension

Why you should commence your Ardleigh Green lease extension today:

A Ardleigh Green lease depreciates with the years remaining on the lease.

With a residential leasehold premises in Ardleigh Green, you are actually buying an entitlement to live in a property for a set period of time. These days flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you should think about extending the lease sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly particularly when there are less than 80 years remaining. Leasehold owners in Ardleigh Green with a lease drawing near to 81 years unexpired should seriously think of extending it sooner than later. Once the lease term has less than 80 years remaining, under the relevant Act the freeholder is entitled to calculate and demand a larger amount, based on a technical calculation, known as “marriage value” which is due.

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Lending institutions will not issue a mortgage on a short lease

Most banks have narrowed their lending criteria in recent years and borrowers are encountering difficulties in arranging finance or re-mortgage against flats with shorter lease terms, particularly below 75 years as they are deemed to be deficient for lending purposes.

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.
Halifax Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.
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 Ardleigh Green lease extensions?

Lease extensions in Ardleigh Green can be a difficult process. We recommend you secure guidance from a lawyer 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 in-depth market knowledge procuring Ardleigh Green lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Ardleigh Green Lease Extension Example Cases:

Oliver, Ardleigh Green, London

Last October Oliver, came critically near to the eighty-year mark with the lease on his leasehold flat in Ardleigh Green. In buying his flat twenty years ago, the length of the lease was of minimal significance. Thankfully, he recognised he needed to take action soon on a lease extension. Oliver was able to extend his lease at the eleventh hour last January. Oliver and the landlord subsequently settled on the final figure of £5,500 . If he not met the deadline, the price would have escalated by a minimum £875.

Ardleigh Green case:

Last Christmas we were called by Mr P Taylor , who took over the lease of a basement apartment in Ardleigh Green in September 1995. The dilemma was if we could approximate the premium would likely be to extend the lease by 90 years. Comparative homes in Ardleigh Green with an extended lease were valued about £203,200. The average ground rent payable was £65 collected every twelve months. The lease elapsed on 27 March 2085. Having 61 years outstanding we estimated the compensation to the landlord to extend the lease to be within £19,000 and £22,000 exclusive of professional charges.

Decision in Havering

An example of a Lease Extension case for a Ardleigh Green flat is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case was in relation to 1 flat. The unexpired term was 57.5 years.