Why you should start your Ardleigh Green lease extension

Top reasons for lease extension now:

Increase your lease and increase your Ardleigh Green property value

The market value of Ardleigh Green leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase materialy once the remaining term is less than 80 years

An extended lease is almost 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 equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the property will be equivalent in value to a freehold for many years ahead.

Lending institutions will not loan monies with a short lease

Most mortgage lenders have narrowed their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against property with shorter lease terms, particularly under seventy years as they are regarded as deficient for lending purposes.

Get in touch with one of our Ardleigh Green lease extension solicitors or enfranchisement solicitors

The conveyancers that we work with procure Ardleigh Green 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 lawyer we work with provide it.

Ardleigh Green Lease Extension Example Cases:

Joshua, Ardleigh Green, London

In 2014 Joshua, came precariously near to the 80-year mark with the lease on his two bedroom flat in Ardleigh Green. In buying his home two decades ago, the unexpired term was of minimal relevance. Fortunately, he realised he needed to take steps soon on Extending the lease. Joshua arranged for a lease extension just under the wire last May. Joshua and the landlord who owned the flat above subsequently settled on sum of £5,000 . If he had missed the deadline, the amount would have escalated by a minimum £1,100.

Ardleigh Green case:

In 2011 we were phoned by Dr R Clarke who, having took over the lease of a one bedroom flat in Ardleigh Green in June 2007. We are asked if we could estimate the premium could be to extend the lease by a further 90 years. Comparative homes in Ardleigh Green with a long lease were worth £250,000. The average amount of ground rent was £50 billed monthly. The lease came to a finish on 14 April 2095. Given that there were 69 years as a residual term we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 plus fees.