Chances are that where you own a flat in Ardleigh Green you actually own a long leasehold interest over your property
Leasehold properties in Ardleigh Green with over one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | 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 |
Regardless of whether you are a tenant or a landlord in Ardleigh Green,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Ardleigh Green valuers.
Last Spring Luke, came precariously near to the eighty-year threshold with the lease on his basement apartment in Ardleigh Green. Having bought his home 19 years ago, the lease term was of minimal importance. As luck would have it, he recognised he would soon be paying an inflated amount for Extending the lease. Luke arranged for a lease extension just in the nick of time in May. Luke and the freeholder via the managing agents eventually settled on the final figure of £6,000 . If he had missed the deadline, the amount would have escalated by a minimum £975.
Mrs Amy Garcia purchased a one bedroom apartment in Ardleigh Green in September 2003. The question was if we could estimate the premium could be for a 90 year extension to my lease. Similar premises in Ardleigh Green with 100 year plus lease were worth £260,000. The mid-range ground rent payable was £50 billed quarterly. The lease expired in 2096. Given that there were 71 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 plus legals.
An example of a Lease Extension decision for a Ardleigh Green residence 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 was in relation to 1 flat. The unexpired term was 57.5 years.