Top reasons for Ardleigh Green lease extension

Top reasons for lease extension now:

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

The value of Ardleigh Green leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase significantly once the remaining term is less than eighty years

An extended lease has roughly the same value as a freehold

It is generally considered that a property with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Lending institutions may not finance a property on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet mortgage lenders start to become jittery at around 75 years. This may cause difficulties once you need to sell or remortgage your property as it will be practically unmortgageable. You might have no imminent desire to sell but when you do your purchaser must wait a couple of years before they can start the legal procedures for an extension to the lease.

What makes us experts in Ardleigh Green lease extensions?

The conveyancing solicitors that we work with procure 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 Case Summaries:

Riley, Ardleigh Green, London,

Riley owned a high value flat in Ardleigh Green being marketed with a lease of just over 61 years remaining. Riley informally spoke with his freeholder a well known Manchester-based freehold company for a lease extension. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £50 per annum. No ground rent would be payable on a lease extension were Riley to invoke his statutory right. Riley obtained expert legal guidance and secured an acceptable resolution without going to tribunal and sell the property.

Ardleigh Green case:

Last year we were called by Dr A Patel , who was assigned a lease of a basement flat in Ardleigh Green in January 2003. We are asked if we could estimate the price would be for a 90 year extension to my lease. Similar premises in Ardleigh Green with a long lease were valued around £183,600. The average amount of ground rent was £65 invoiced monthly. The lease terminated on 15 November 2083. Given that there were 57 years outstanding we calculated the compensation to the landlord to extend the lease to be within £28,500 and £33,000 not including expenses.