Ardleigh Green residential property owned on a long lease is a depreciating asset as the leaseholder merely owns the property for a period of years.
Leasehold premises in Ardleigh Green with in excess of 100 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 home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Barclays plc | Leases with less than 70 years at the commencement of the mortgage are not acceptable. 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; |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| Yorkshire 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. |
Lease extensions in Ardleigh Green can be a difficult process. We recommend you get 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.
Trailing unsuccessful discussions with the landlord of her basement apartment in Ardleigh Green, Isabel initiated the lease extension process as the eighty year deadline was quickly nearing. The transaction was concluded in August 2010. The freeholder’s fees were negotiated to less than 500 GBP.
Mr and Mrs. A Young bought a purpose-built apartment in Ardleigh Green in June 1999. We are asked if we could approximate the compensation to the landlord would be to extend the lease by 90 years. Comparative properties in Ardleigh Green with a long lease were worth £166,400. The average ground rent payable was £60 invoiced monthly. The lease elapsed on 6 February 2080. Having 54 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £32,300 and £37,400 not including expenses.
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 residue of the current lease was 57.5 years.