Top reasons for Ardleigh Green lease extension

Why you should start your Ardleigh Green lease extension today:

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

It’s an underpublicised certainty that a Ardleigh Green residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the early years due to the reduction being disguised by increases in the Ardleigh Green property prices.Where your lease has approximately ninety years left, you need to start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls lower than 80 years - otherwise a higher premium will be payable. Most leasehold owners in Ardleigh Green will be able to extend under the legislation; however a lawyer will be able to confirm whether you qualify for an extension. In some cases you may not qualify. There are also strict timetables and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancer from beginning to end of the formalities.

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

It is generally considered that a residential leasehold with in excess of 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

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

The propensity since the credit crunch has been for mortgage companies to tighten lending requirements across the board - this has extended to the property over which the mortgage is to be charged. This has meant the unexpired lease term required by banks has increased. In the past banks were content with twenty years plus the term of the loan - routinely 50 year leases but those requirements evolved by the requirement for longer and longer leases - many use a minimum term of 75 years as a prerequisite.

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

Using our service will provide you enhanced control over the value of your Ardleigh Green leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Ardleigh Green Lease Extension Case Summaries:

Naomi, Ardleigh Green, London,

Subsequent to protracted discussions with the landlord of her ground floor apartment in Ardleigh Green, Naomi commenced the lease extension process as the eighty year threshold was fast advancing. The legal work completed in March 2011. The freeholder’s costs were kept to an absolute minimum.

Ardleigh Green case:

Last Summer we were e-mailed by Dr Emma Davies , who was assigned a lease of a first floor apartment in Ardleigh Green in January 2003. The dilemma was if we could approximate the price would likely be for a 90 year extension to my lease. Identical homes in Ardleigh Green with an extended lease were in the region of £242,600. The average ground rent payable was £45 billed every twelve months. The lease lapsed in 2092. Considering the 67 years left we approximated the compensation to the landlord for the lease extension to be between £11,400 and £13,200 not including fees.