Ardleigh Green leases on residential deteriorating in value. if your lease has approximately 90 years left, you should start considering the need for a lease extension. It is important to recognise that it is that it is financially advisable for the lease extension to be in place before the term of the current lease falls below eighty years - otherwise a higher premium will be payable. Leasehold owners in Ardleigh Green will mostly qualify for a lease extension; however a solicitor should be able confirm your eligibility. In certain circumstances you may not be entitled. There are prescribed deadlines and formalities to comply with once the process has started so it’s prudent to be guided by a lawyer during the process.
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 90 years added to any lease with more than 35 years unexpired, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
The lawyers 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.
Luke owned a studio apartment in Ardleigh Green on the market with a lease of fraction over fifty eight years outstanding. Luke on an informal basis approached his freeholder a well known local-based freehold company for a lease extension. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £150 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Luke to invoke his statutory right. Luke procured expert advice and secured an acceptable deal informally and ending up with a market value flat.
In 2011 we were called by Dr B King who, having was assigned a lease of a one bedroom apartment in Ardleigh Green in September 1996. The question was if we could approximate the price would be for a 90 year extension to my lease. Comparable homes in Ardleigh Green with a long lease were in the region of £200,800. The mid-range amount of ground rent was £65 billed annually. The lease came to a finish in 2085. Given that there were 60 years outstanding we approximated the premium to the landlord to extend the lease to be within £20,900 and £24,200 plus professional charges.
An example of a Lease Extension matter before the tribunal for a Ardleigh Green flat 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 related to 1 flat. The remaining number of years on the lease was 57.5 years.