Stop! Your Lease Extension in Aylesford Could Be FREE

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Many leaseholders in Aylesford are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Aylesford has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to commence your Aylesford lease extension

Main reasons to commence your Aylesford lease extension today:

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

The value of Aylesford leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase significantly once the unexpired lease term is less than eighty years

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 35 years remaining, the premises will be equivalent in value to a freehold for many years in the future.

Lending institutions will not loan monies on a short lease

Most banks have narrowed their lending criteria in recent years and borrowers are encountering difficulties in arranging finance or re-mortgage against property with shorter lease terms, particularly under seventy years as they are considered to be insufficient security.

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.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
Yorkshire Building Society 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.

Why use us for your lease extension in Aylesford?

Regardless of whether you are a tenant or a landlord in Aylesford,the lease extension experts 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 Aylesford valuers.

Aylesford Lease Extension Example Cases:

Gemma, Aylesford, Kent,

In the wake of 9 months of lengthy negotiations with the landlord of her leasehold flat in Aylesford, Gemma initiated the lease extension process as the eighty year deadline was quickly approaching. The transaction completed in August 2006. The freeholder’s charges were kept to an absolute minimum.

Aylesford case:

Mr Oscar Peterson purchased a garden apartment in Aylesford in July 2002. We are asked if we could shed any light on how much (roughly) price would be for a 90 year extension to my lease. Comparative flats in Aylesford with 100 year plus lease were worth £225,800. The mid-range ground rent payable was £60 collected yearly. The lease terminated on 23 February 2086. Given that there were 60 years left we calculated the premium to the freeholder to extend the lease to be between £24,700 and £28,600 plus expenses.

Aylesford case:

In 2012 we were e-mailed by Dr Louise Rogers who, having moved into a basement flat in Aylesford in September 2011. We are asked if we could shed any light on how much (approximately) premium would be to prolong the lease by an additional years. Comparative premises in Aylesford with 100 year plus lease were valued about £210,000. The average ground rent payable was £50 collected every twelve months. The lease ran out on 13 August 2106. Given that there were 80 years left we approximated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of costs.