Stop! Your Lease Extension in Ongar Could Be FREE

Get a Free Case Review
Many leaseholders in Ongar 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 Ongar 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.

Top reasons for Ongar lease extension

Why you should commence your Ongar lease extension today:

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

On the balance of probabilities where you own a flat in Ongar you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold premises in Ongar with in excess of one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Lenders will not loan monies on a short lease

Banks and building societies vary in their lending criteria. Some set the bar at seventy five years left on the lease; others may be willing to lend with anything over seventy years. With less than sixty years, it may be problematic to obtain a mortgage in the first place.

Lender Requirement
Godiva Mortgages
Halifax
Leeds Building Society
Santander
The Mortgage Works

Get in touch with one of our Ongar lease extension solicitors or enfranchisement solicitors

Retaining our service will provide you better control over the value of your Ongar leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Ongar Lease Extension Example Cases:

Stephanie, Ongar, Essex,

In the wake of 6 months of protracted correspondence with the landlord of her leasehold flat in Ongar, Stephanie started the lease extension process just as her lease was nearing the all-important 80-year mark. The lease extension completed in May 2006. The landlord’s fees were negotiated to under 550 pounds.

Ongar case:

Last Winter we were approach by Mr and Mrs. E Watson , who owned a garden flat in Ongar in June 2008. We are asked if we could estimate the price would likely be to prolong the lease by an additional years. Comparative residencies in Ongar with an extended lease were in the region of £227,800. The average ground rent payable was £45 collected quarterly. The lease came to a finish on 21 August 2091. Considering the 65 years left we estimated the premium to the landlord to extend the lease to be between £13,300 and £15,400 exclusive of fees.

Ongar case:

In 2012 we were approached by Mr D Ramírez who, having purchased a one bedroom flat in Ongar in August 2002. We are asked if we could shed any light on how much (roughly) price would likely be for a 90 year extension to my lease. Identical homes in Ongar with a long lease were in the region of £275,000. The average ground rent payable was £55 invoiced per annum. The lease expiry date was in 2102. Given that there were 76 years unexpired we calculated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 plus professional charges.