Why you should commence your Ash lease extension

Top reasons for lease extension now:

A Ash leasehold property depreciates with the years remaining on the lease.

There is no doubt about it a leasehold property in Ash is a wasting asset as a result of the shortening lease. If the residual term has, more than 99 years to run then this decrease may be fractional however there will become a point in time when a lease has less than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary logic behind why you should extend the lease sooner than later. Many flat owners in Ash will qualify for this right; nevertheless a lawyer can advise if you qualify to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

Ash 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 remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the residence will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may decide not to loan monies with a short lease

Banks and building societies are making their criteria more stringent and a meaningful number now expect flats to have a minimum of sixty if not seventy years remaining once the mortgage has expired. Considering many flats in Ash were created in the 1950s, 1960s and 1970s as a result many now require lease extensions if they wish to obtain a mortgage.

What makes us experts in Ash lease extensions?

Lease extensions in Ash can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.

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 in-depth market knowledge dealing with Ash lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Ash Lease Extension Case Studies:

Arthur, Ash, Surrey

Last October Arthur, came perilously near to the eighty-year threshold with the lease on his garden flat in Ash. Having bought his property 18 years ago, the lease term was of little importance. Luckily, it dawned on him that he would soon be paying way over the odds for Extending the lease. Arthur extended the lease at the eleventh hour in June. Arthur and the landlord eventually settled on sum of £6,000 . If the lease had dipped below 80 years, the premium would have become more exhorbitant by at least £1,100.

Ash case:

Mr and Mrs. L Garcia moved into a garden flat in Ash in September 2003. We are asked if we could estimate the price would likely be to extend the lease by a further 90 years. Comparative homes in Ash with 100 year plus lease were in the region of £166,400. The mid-range amount of ground rent was £60 billed yearly. The lease elapsed on 10 May 2080. Having 54 years remaining we estimated the premium to the freeholder to extend the lease to be within £32,300 and £37,400 plus fees.

Ash case:

Dr Jordan Phillips purchased a garden apartment in Ash in January 2004. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparable residencies in Ash with a long lease were in the region of £227,800. The mid-range amount of ground rent was £45 collected monthly. The lease finished on 28 June 2091. Having 65 years remaining we approximated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 exclusive of legals.