Top reasons for Ardleigh Green lease extension

Main reasons to start your Ardleigh Green lease extension today:

Increase your lease and increase your Ardleigh Green property value

When it comes to residential leasehold property in Ardleigh Green, you are actually purchasing an entitlement to reside in a property for a prescribed time frame. In recent years flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you may think about a lease extension sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease becomes disproportionately more expensive notably when there are fewer than 80 years remaining. Leasehold owners in Ardleigh Green with a lease approaching 81 years left should seriously consider extending it as soon as possible. Once a lease has fewer than eighty years left, under the current legislation the freeholder is entitled to calculate and levy a larger premium, based on a technical calculation, known as “marriage value” which is payable.

An extended lease is almost the same value as a freehold

It is generally accepted that a property with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the residence will be worth the same as a freehold for many years ahead.

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

Banks and building societies are really clamping down as regards to properties in Ardleigh Green with short leases. For instance you may find that their lending requirements are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so where you needed to sell, your only options would be to find a cash purchaser, or try your luck at auction thus reducing the amount of potential purchasers.

What makes us experts in Ardleigh Green lease extensions?

The conveyancers that we work with handle 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 lawyer we work with provide it.

Ardleigh Green Lease Extension Example Cases:

Chloe, Ardleigh Green, London,

Off the back of unsuccessful discussions with the landlord of her first floor apartment in Ardleigh Green, Chloe started the lease extension process as the 80 year deadline was swiftly coming. The legal work was finalised in June 2005. The landlord’s charges were kept to an absolute minimum.

Ardleigh Green case:

Mr Harry Wright purchased a garden apartment in Ardleigh Green in June 2005. The question was if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by 90 years. Comparative flats in Ardleigh Green with an extended lease were in the region of £232,800. The average ground rent payable was £45 collected yearly. The lease ended on 2 June 2091. Considering the 65 years as a residual term we calculated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 exclusive of professional charges.