As the length of the unexpired term of a Ardleigh Green domestic lease diminished so does its value and therefore the value of your property. If the residual term has, more than 99 years to run then this decrease may be negligible nevertheless there will become a point in time when a lease has under than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary logic behind why you should consider extending without delay. Most flat owners in Ardleigh Green will qualify for this right; nevertheless a conveyancer will be able to advise whether you are eligible for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold residencies in Ardleigh Green with more than one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below). Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office. Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval: • Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND • The value of the property subject to the short remaining term is £500,000 or more AND • The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing; |
| 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Ardleigh Green can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor 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 dealing with 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.
During the course of the last few months Cameron, started to get near to the eighty-year threshold with the lease on his ground floor apartment in Ardleigh Green. In buying his home two decades ago, the unexpired term was of no importance. Luckily, it dawned on him that he would imminently be paying way over the odds for a lease extension. Cameron was able to extend his lease at the eleventh hour in January. Cameron and the landlord who owned the flat above eventually settled on an amount of £5,000 . If he had missed the deadline, the price would have become more exhorbitant by at least £1,000.
Last October we were called by Mr Ali Taylor , who was assigned a lease of a garden flat in Ardleigh Green in November 2007. We are asked if we could shed any light on how much (roughly) price could be to extend the lease by an additional years. Similar properties in Ardleigh Green with an extended lease were in the region of £275,000. The average amount of ground rent was £55 collected quarterly. The lease finished on 6 June 2101. Taking into account 76 years unexpired we calculated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 not including costs.
An example of a Lease Extension matter before the tribunal for a Ardleigh Green property 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.