Top reasons for Ash lease extension

Top reasons for lease extension now:

Increase your lease and increase your Ash property value

The nearer a domestic lease in Ash nears to zero years unexpired, the more it reduces the value of the property. If the lease has, over one hundred years to run then this decrease may be negligible that being said there will become a stage when a lease has under than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the main logic behind why you should consider extending without delay. Most flat owners in Ash will qualify for this right; however a conveyancer can advise if you qualify to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

Ash property with a lease extension is almost the same value as a freehold

Leasehold properties in Ash with in excess of 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges warrant it.

Lending institutions may decide not to grant a mortgage with a short lease

The trend since over the last decade has been for mortgage companies to tighten lending requirements across the board - this has extended to the property over which the mortgage is to be granted. This has resulted in the unexpired lease term required by mortgage companies has increased. Historically lenders would lend on a lease with 25 years plus the term of the loan - typically 50 year leases but those requirements have been chipped away by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

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

Engaging our service gives you better control over the value of your Ash leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Ash Lease Extension Example Cases:

Louise, Ash, Surrey,

Trailing protracted discussions with the landlord of her one bedroom apartment in Ash, Louise initiated the lease extension process just as her lease was coming close to the crucial 80-year mark. The legal work completed in March 2007. The freeholder’s charges were restricted to a tad over 500 GBP.

Ash case:

Last Summer we were called by Dr Louise Cox , who completed a basement flat in Ash in November 1996. The question was if we could estimate the premium would be for a 90 year lease extension. Comparative homes in Ash with an extended lease were worth £265,000. The mid-range amount of ground rent was £50 collected monthly. The lease expired on 1 March 2099. Considering the 73 years remaining we approximated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 plus professional charges.

Ash case:

Ms Jordan Robinson completed a one bedroom flat in Ash in March 2006. The dilemma was if we could estimate the price could be to prolong the lease by a further 90 years. Identical properties in Ash with an extended lease were worth £264,000. The mid-range ground rent payable was £60 invoiced monthly. The lease finished in 2079. Considering the 53 years left we approximated the compensation to the freeholder to extend the lease to be within £37,100 and £42,800 exclusive of professional charges.