Why you should start your Accrington lease extension
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Why you should commence your Accrington lease extension today: </h3>
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Increase your lease and increase your <a href="http://www.lendermonitor.com/conveyancing/loc/accrington">Accrington</a> property value </h4>
<p> The only way is down when it comes to Accrington lease terms.
Accrington leaseholds that have a lease term lower than 80 years will reduce in market price at a rapid rate,
and the cost of extending your lease will go up.
<h4>Accrington property with a lease extension is almost the same value as a freehold</h4>
<p> It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.
<h4>Banks and Building Societies may decide not to grant a mortgage with a short lease</h4> Lending institutions are less likely to grant a loan offer on a domestic flat in Accrington with a short lease. Many lenders simply refuse a mortgage on leases with under 75 years left.
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<th> Requirement
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<td>Accord Mortgages</td>
<td> 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.
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<td>Halifax</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Leeds Building Society</td>
<td> 85 years remaining from the start of the mortgage.
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<td>Skipton Building Society</td>
<td> 85 years from the date of completion of the mortgage<br /><br />For Buy to Let cases:<br />- lettings must not breach any of the lessee’s covenants; and<br />- consent of the lessor to lettings must be obtained if necessary
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<td>TSB</td>
<td> Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
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What makes us experts in Accrington lease extensions?
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Lease extensions in Accrington can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.
<p>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 Accrington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
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Accrington Lease Extension Case Studies:
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<h5> Aimee, Accrington, Lancashire,</h5>
<p> In the wake of eight months of protracted negotiations with the freeholder of her garden apartment in Accrington, Aimee initiated the lease extension process just as the lease was nearing the crucial 80-year mark. The lease extension was finalised in August 2011. The landlord’s charges were kept to an absolute minimum.
<h5>Accrington case:</h5>
<p> Mrs Stephanie Garcia acquired a one bedroom apartment in Accrington in April 2006. The question was if we could shed any light on how much (approximately) compensation to the landlord would be to extend the lease by 90 years. Comparative residencies in Accrington with an extended lease were worth £203,200. The average amount of ground rent was £65 billed monthly. The lease terminated on 10 August 2087. Given that there were 61 years outstanding we approximated the premium to the freeholder for the lease extension to be within £20,000 and £23,000 exclusive of legals.
<h5>Accrington case:</h5>
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In 2014 we were approached by Dr O Brown who, having acquired a purpose-built flat in Accrington in June 2001. We are asked if we could shed any light on how much (approximately) premium would likely be for a ninety year lease extension. Comparable homes in Accrington with 100 year plus lease were in the region of £260,000. The average amount of ground rent was £50 collected every twelve months. The lease ran out in 2098. Taking into account 72 years outstanding we approximated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 not including costs.
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