Why you should start your Ardleigh Green lease extension

Why you should commence your Ardleigh Green lease extension today:

Increase your lease and increase your Ardleigh Green property value

Ardleigh Green leases on domestic properties are gradually losing value. if your lease has in the region of ninety years unexpired, you should start considering the need for a lease extension. If lease term is less than 80 years, you will then be required to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Ardleigh Green will mostly be legally entitled to a lease extension; however It would be wise to check with a lawyer to confirm your eligibility. In some situations you may not be entitled. There are prescribed timetables and procedures to follow once the process is triggered so it’s best to be guided by a conveyancing solicitor during the process.

Ardleigh Green property with a lease extension has roughly the same value as a freehold

It is generally considered that a property with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the residence will be worth the same as a freehold for decades to come.

Mortgage lenders may not lend on a short lease

Mortgage companies will not grant a mortgage on short residential leases. You are likely to encounter problems if you need to sell your flat in Ardleigh Green if the remaining lease term is below the criteria set by the majority of lenders. Different lenders have different requirements but on the whole they are looking for a minimum remaining lease term of 65 years.

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

Lease extensions in Ardleigh Green can be a difficult process. We recommend you obtain professional help from a conveyancer 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 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.

Ardleigh Green Lease Extension Case Summaries:

Rachael, Ardleigh Green, London,

Subsequent to protracted negotiations with the landlord of her ground floor apartment in Ardleigh Green, Rachael commenced the lease extension process just as the lease was coming close to the crucial eighty-year deadline. The lease extension was finalised in September 2007. The freeholder’s costs were restricted to less than 650 GBP.

Ardleigh Green case:

In 2012 we were e-mailed by Mr and Mrs. R Peterson who, having bought a basement apartment in Ardleigh Green in February 1998. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year extension to my lease. Similar flats in Ardleigh Green with an extended lease were in the region of £265,000. The average ground rent payable was £50 invoiced quarterly. The lease concluded on 9 November 2099. Considering the 73 years outstanding we approximated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 plus expenses.