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Main reasons to commence your Ongar lease extension

Main reasons to commence your Ongar lease extension today:

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

The value of Ongar leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate materialy once the remaining term is less than 80 years

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the residence will be worth the same as a freehold for many years ahead.

Lenders may decide not to grant a mortgage on a short lease

Mortgage companies are inclined not lend on short residential leases. You are likely to experience problems if you want to sell your flat in Ongar if the remaining lease term is below the criteria set by most mortgage companies. Different mortgage companies have varying requirements but generally theyrequire an unexpired term of at least seventy years.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Chelsea 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.
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.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
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 Ongar?

Lease extensions in Ongar can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and surveyor 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 Ongar lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Ongar Lease Extension Case Studies:

Emma, Ongar, Essex,

Following protracted negotiations with the landlord of her two bedroom apartment in Ongar, Emma started the lease extension process as the 80 year mark was quickly coming. The legal work was concluded in October 2015. The freeholder’s fees were kept to an absolute minimum.

Ongar case:

Last June we were phoned by Mrs Bethany Miller , who purchased a ground floor flat in Ongar in April 2006. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year lease extension. Comparable homes in Ongar with a long lease were valued around £256,600. The mid-range ground rent payable was £60 collected yearly. The lease expired on 6 September 2077. Given that there were 52 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £39,000 and £45,000 not including fees.

Ongar case:

In 2009 we were phoned by Dr F Ali who, having moved into a one bedroom apartment in Ongar in August 2000. The dilemma was if we could approximate the premium could be to extend the lease by 90 years. Identical flats in Ongar with a long lease were in the region of £218,000. The average amount of ground rent was £45 billed every twelve months. The lease expired in 2088. Considering the 63 years unexpired we approximated the premium to the freeholder to extend the lease to be within £17,100 and £19,800 exclusive of fees.