The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Ardleigh Green have the legal entitlement to extend the lease for an additional 90 years in accordance with legislation. Do think carefully before delaying your Ardleigh Green lease extension. Postponing that expense now simply escalates the premium you will eventually be required to pay for a lease extension.
Leasehold residencies in Ardleigh Green with in excess of 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Chelsea 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Ardleigh Green can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.
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 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.
Following protracted correspondence with the landlord of her garden flat in Ardleigh Green, Maisie started the lease extension process just as the lease was approaching the crucial 80-year deadline. The legal work was finalised in June 2015. The landlord’s charges were restricted to under 450 pounds.
Last year we were contacted by Mrs Jessica Roux , who moved into a ground floor apartment in Ardleigh Green in October 2004. We are asked if we could approximate the premium could be to extend the lease by 90 years. Similar residencies in Ardleigh Green with a long lease were valued around £235,200. The average ground rent payable was £45 invoiced annually. The lease lapsed in 2092. Having 66 years unexpired we approximated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 not including fees.
An example of a Lease Extension case for a Ardleigh Green premises 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 affected 1 flat. The unexpired term was 57.5 years.