The only way is down when it comes to Ashford Kent lease terms. Ashford Kent leaseholds that have a lease term fewer than eighty years will reduce in value at a rapid rate, and the cost to extend your lease will rise.
Leasehold properties in Ashford Kent with over one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Coventry Building Society | 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Ashford Kent can be a difficult process. We recommend you get guidance from a conveyancer and valuer with experience in lease extensions.
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 a wealth of experience procuring Ashford Kent lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing unsuccessful discussions with the landlord of her basement flat in Ashford Kent, Caitlin initiated the lease extension process as the 80 year mark was rapidly coming. The transaction was concluded in November 2011. The landlord’s costs were restricted to slightly above 700 pounds.
In 2010 we were e-mailed by Mr and Mrs. C Ali who, having completed a one bedroom apartment in Ashford Kent in July 2008. The dilemma was if we could shed any light on how much (approximately) premium would be to prolong the lease by a further 90 years. Similar properties in Ashford Kent with a long lease were valued about £191,000. The average amount of ground rent was £65 collected every twelve months. The lease concluded in 2083. Having 58 years as a residual term we approximated the premium to the freeholder for the lease extension to be within £23,800 and £27,400 not including professional charges.
In 2013 we were contacted by Mr and Mrs. T Bonnet who, having purchased a one bedroom flat in Ashford Kent in August 2002. We are asked if we could estimate the compensation to the landlord would be for a 90 year lease extension. Comparable premises in Ashford Kent with 100 year plus lease were valued around £250,000. The mid-range ground rent payable was £50 billed per annum. The lease ran out on 20 January 2094. Having 69 years remaining we estimated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including costs.