Top reasons for Ongar lease extension

Main reasons to commence your Ongar lease extension today:

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

Ongar leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. The majority of owners of residential leasehold property in Ongar enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Ongar you would be well advised to check if your lease has between seventy and 90 years left. There are compelling reasons why a Ongar flat owner with a lease having around eighty years remaining should take steps to ensure that a lease extension is put in place without delay

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the premises will be worth the same as a freehold for decades to come.

Banks and Building Societies will not grant a mortgage on a short lease

Mortgage companies are making their criteria more stringent and a meaningful number now expect flats to have at least 60 if not 70 years remaining at the end of the mortgage. Given that many flats in Ongar were built in the 1950s, 1960s and 1970s as a result many now require lease extensions if they if they are to be mortgageable.

Why use us for your lease extension in Ongar?

The lawyers that we work with procure Ongar lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Ongar Lease Extension Case Studies:

Samuel, Ongar, Essex

Last year Samuel, started to get close to the eighty-year threshold with the lease on his two bedroom apartment in Ongar. Having bought his property 19 years ago, the unexpired term was of no significance. As luck would have it, he recognised he would soon be paying an inflated amount for a lease extension. Samuel was able to extend his lease just under the wire last August. Samuel and the landlord who owned the flat above ultimately settled on sum of £5,000 . If he not met the deadline, the premium would have increased by at least £1,150.

Ongar case:

Mrs I Petit completed a one bedroom flat in Ongar in September 2002. The question was if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparative properties in Ongar with 100 year plus lease were in the region of £250,000. The average amount of ground rent was £50 billed annually. The lease concluded in 2095. Having 69 years unexpired we approximated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 plus professional charges.

Ongar case:

In 2014 we were e-mailed by Mr Muhammad Ward who, having owned a studio flat in Ongar in August 2007. The dilemma was if we could approximate the price would likely be for a 90 year lease extension. Comparative properties in Ongar with an extended lease were in the region of £285,000. The mid-range amount of ground rent was £55 billed quarterly. The lease concluded on 8 March 2106. Taking into account 80 years remaining we approximated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 plus legals.