Main reasons to start your Ashford lease extension

Why you should start your Ashford lease extension today:

A Ashford lease depreciates with the years remaining on the lease.

Ashford leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. It is the case that most Ashford tenants have the right to extend their lease by an additional ninety years in accordance with the 1993 Leasehold Reform Act. If you are a leasehold owner in Ashford you must check if your lease has between seventy and ninety years remaining. There are compelling reasons why a Ashford leaseholder with a lease having around eighty years left should take steps to make sure that a lease extension is actioned without delay

An extended lease is almost the same value as a freehold

Leasehold residencies in Ashford with over one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value 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 estate charges merit it.

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

Most mortgage lenders have tightened lending criteria in recent years and borrowers are encountering difficulties in arranging funding or re-mortgage against flats with shorter lease terms, particularly under seventy years as they are considered to be inadequate for lending purposes.

What makes us experts in Ashford lease extensions?

Lease extensions in Ashford can be a difficult process. We recommend you get professional help from a conveyancer and valuer 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 Ashford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Ashford Lease Extension Example Cases:

Alice, Ashford, Surrey,

Following protracted negotiations with the landlord of her basement flat in Ashford, Alice started the lease extension process as the 80 year mark was fast approaching. The transaction completed in January 2012. The freeholder’s charges were kept to an absolute minimum.

Ashford case:

Dr Courtney Campbell moved into a garden flat in Ashford in May 2003. The dilemma was if we could approximate the premium would be to prolong the lease by an additional years. Similar homes in Ashford with an extended lease were worth £250,000. The mid-range ground rent payable was £50 billed monthly. The lease ran out in 2094. Given that there were 68 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of expenses.