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Why you should start your Ashton lease extension


Main reasons to start your Ashton lease extension today:

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

Ashton leases on domestic properties are gradually losing value. Where your lease has in the region of ninety years left, you should start thinking about a lease extension. 80 years is a significant number: when the remaining term of a lease drops below this level then you start paying an additional element called marriage value. Flat owners in Ashton will usually be legally entitled to a lease extension; however a solicitor should be able check your eligibility. In some situations you may not qualify. There are prescribed deadlines and steps to comply with once the process has started so it’s prudent to be guided by a conveyancing solicitor during the process.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Ashton with in excess of 100 years remaining 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 property. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Mortgage lenders may not loan monies with a short lease

Most mortgage lenders have tightened lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against property with shorter lease terms, particularly under 75 years as they are considered to be deficient for lending purposes.

Lender Requirement
Barclays plc Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below).

Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Why use us for your lease extension in Ashton?

Irrespective of whether you are a tenant or a landlord in Ashton,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Ashton valuers.

Ashton Lease Extension Example Cases:

Sian, Ashton, Bristol,

Off the back of unsuccessful discussions with the freeholder of her ground floor flat in Ashton, Sian started the lease extension process as the eighty year deadline was quickly coming. The legal work completed in November 2006. The freeholder’s charges were kept to an absolute minimum.

Ashton case:

Last March we were e-mailed by Mr and Mrs. W Lambert , who was assigned a lease of a one bedroom flat in Ashton in November 1995. The question was if we could shed any light on how much (roughly) price would be for a ninety year extension to my lease. Comparative homes in Ashton with a long lease were in the region of £255,000. The average amount of ground rent was £50 billed annually. The lease finished in 2095. Given that there were 71 years left we approximated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 plus expenses.

Ashton case:

In 2013 we were e-mailed by Dr G Lambert who, having owned a studio apartment in Ashton in January 2008. The dilemma was if we could approximate the price would be for a 90 year extension to my lease. Comparable residencies in Ashton with an extended lease were worth £254,200. The mid-range amount of ground rent was £60 billed per annum. The lease ran out on 22 September 2075. Taking into account 51 years as a residual term we calculated the premium to the landlord to extend the lease to be between £43,700 and £50,600 plus expenses.