Top reasons for Ardleigh Green lease extension

Main reasons to commence your Ardleigh Green lease extension today:

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

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will usually be granted for a set period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Ardleigh Green. Clearly, the term of lease left shortens as time goes by. This may pass by relatively unnoticed when the property has to be disposed of or re-mortgaged. The shorter the lease the less it is worth and the more expensive it will be to extend the lease. Qualifying leaseholders in Ardleigh Green have the legal entitlement to extend the lease for an additional 90 years in accordance with the 1993 Leasehold Reform Act. You should give careful attention before delaying your Ardleigh Green lease extension. Putting off the cost now simply increases the price you will ultimately incur to extend your lease

An extended lease is almost the same value as a freehold

Leasehold properties in Ardleigh Green with in excess of one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Banks and Building Societies will not grant a mortgage on a short lease

The propensity since over the last decade has been for banks to tighten lending requirements across the board - this has extended to the types of security over which the home loan is to be granted. This has meant the unexpired lease term required by mortgage companies has increased. In the past mortgage companies were content with 25 years plus the term of the loan - routinely 50 year leases but those requirements have been chipped away by the requirement for longer and longer leases - many now have a minimum term of 75 years as standard.

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

Irrespective of whether you are a tenant or a freeholder in Ardleigh Green,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Ardleigh Green valuers.

Ardleigh Green Lease Extension Case Summaries:

Joshua, Ardleigh Green, London

Last October Joshua, started to get close to the 80-year threshold with the lease on his first floor apartment in Ardleigh Green. Having bought his home two decades ago, the lease term was of no relevance. Fortunately, he became aware that he needed to take action soon on a lease extension. Joshua arranged for a lease extension just under the wire in August. Joshua and the landlord subsequently agreed on sum of £5,000 . If the lease had dipped to less than eighty years, the amount would have become more exhorbitant by a minimum £950.

Ardleigh Green case:

Last Autumn we were contacted by Dr Victoria Rogers , who bought a garden apartment in Ardleigh Green in May 2010. The question was if we could approximate the price would be for a 90 year lease extension. Similar residencies in Ardleigh Green with 100 year plus lease were worth £208,200. The average ground rent payable was £65 billed per annum. The lease lapsed in 2087. Taking into account 61 years remaining we estimated the compensation to the landlord to extend the lease to be between £20,000 and £23,000 exclusive of legals.