The market value of a leasehold property in Ardleigh Green is impacted by how long the lease has left to run. If it is close to or fewer than eighty years you should foresee problems on re-sale, so it is recommended to arrange for a lease extension before purchasing. It is preferable to commence the process of extending the lease is when a lease still has 82 years remaining so that formalities can be concluded ahead of the eighty year cut off point. Current legislation enables Ardleigh Green qualifying lessees to obtain a new lease which will be for the balance of the existing lease plus an additional term of ninety years. The purpose of the valuation is to determine the sum payable by the lessee to the freeholder for the purchase of the lease extension.
Leasehold residencies in Ardleigh Green with in excess of 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Godiva Mortgages | |
| National Westminster Bank |
The lawyers that we work with undertake 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 conveyancing solicitor we work with provide it.
Off the back of lengthy discussions with the freeholder of her ground floor apartment in Ardleigh Green, Lily started the lease extension process as the 80 year threshold was quickly advancing. The legal work was finalised in May 2006. The landlord’s costs were restricted to less than 700 GBP.
Mr and Mrs. I Miller was assigned a lease of a basement apartment in Ardleigh Green in February 2012. The dilemma was if we could estimate the price could be for a ninety year extension to my lease. Comparative flats in Ardleigh Green with a long lease were worth £264,000. The mid-range amount of ground rent was £60 invoiced annually. The lease concluded on 7 September 2079. Having 53 years left we approximated the premium to the freeholder for the lease extension to be between £37,100 and £42,800 not including costs.
An example of a Lease Extension matter before the tribunal for a Ardleigh Green residence 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 lease term was 57.5 years.