Top reasons for Aldermanbury lease extension

Why you should commence your Aldermanbury lease extension today:

Increase your lease and increase your Aldermanbury property value

The re-sale value of a leasehold property in Aldermanbury depends on how long the lease has left to run. If it is close to or fewer than 80 years you should expect problems on re-sale, so it is advisable to arrange for the lease to be extended before buying. It is preferable to start the lease extension process when a lease still has 82 years to run so that all matters can be concluded ahead of the eighty year cut off point. Current legislation enables Aldermanbury qualifying lessees to obtain a new lease which will be for the current unexpired lease term plus a supplemental term of 90 years. The reason of the valuation is to arrive at an opinion of the premium payable by the lessee to the freeholder for the acquisition of the lease extension.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 30 years remaining, the premises will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies will not lend on a short lease

The definition of a short lease depends on the specific mortgage company, yet banks and building societies start to become concerned at around 75 years. This may be problematic when you need to sell or remortgage your property as it will be practically unmortgageable. You might have no imminent desire to sell but when you do your buyer will have to hold off for a couple of years before they can exercise the right to a an extension to the lease.

Why use us for your lease extension in Aldermanbury?

Irrespective of whether you are a tenant or a landlord in Aldermanbury,the lease extension lawyers 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 Aldermanbury valuers.

Aldermanbury Lease Extension Example Cases:

Chelsea, Aldermanbury, London,

After unsuccessful discussions with the freeholder of her leasehold apartment in Aldermanbury, Chelsea commenced the lease extension process just as the lease was nearing the critical 80-year threshold. The lease extension was concluded in September 2005. The freeholder’s costs were negotiated to under 500 GBP.

Aldermanbury case:

In 2014 we were contacted by Mr and Mrs. S Ali who, having completed a studio flat in Aldermanbury in January 2012. The question was if we could approximate the compensation to the landlord would likely be to prolong the lease by 90 years. Identical premises in Aldermanbury with 100 year plus lease were valued about £174,200. The mid-range ground rent payable was £55 billed every twelve months. The lease ended on 17 September 2076. Given that there were 51 years as a residual term we estimated the compensation to the freeholder for the lease extension to be within £31,400 and £36,200 exclusive of costs.