Top reasons for Alfreton lease extension

Why you should commence your Alfreton lease extension today:

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

The rule of thumb is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Alfreton have the right to extend the lease for an additional ninety years in accordance with the 1993 Leasehold Reform Act. Do give careful consideration before delaying your Alfreton lease extension. Putting off the costs now simply increases the premium you will ultimately be required to pay to extend the lease.

An extended lease is almost the same value as a freehold

Leasehold residencies in Alfreton with more than 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Banks and Building Societies may decide not to loan monies on a short lease

Most high street banks are tightening their criteria and many now require flats to have a minimum of sixty if not seventy years remaining at the expiry of the mortgage. Considering many flats in Alfreton were built in the fifties, sixties and seventies as a result many now need to be extended if they wish to get a mortgage.

What makes us experts in Alfreton lease extensions?

Irrespective of whether you are a tenant or a landlord in Alfreton,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Alfreton valuers.

Alfreton Lease Extension Example Cases:

Sarah, Alfreton, Derbyshire,

Off the back of unsuccessful correspondence with the freeholder of her basement apartment in Alfreton, Sarah initiated the lease extension process as the 80 year mark was swiftly coming. The transaction was finalised in November 2011. The freeholder’s charges were negotiated to about 600 pounds.

Alfreton case:

Last March we were approach by Mr and Mrs. O Cook , who bought a basement apartment in Alfreton in June 2006. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by an additional years. Comparable homes in Alfreton with 100 year plus lease were worth £200,800. The mid-range ground rent payable was £65 billed quarterly. The lease elapsed on 25 August 2086. Considering the 60 years left we calculated the premium to the freeholder for the lease extension to be between £20,900 and £24,200 not including legals.

Alfreton case:

Mr Jude Mason took over the lease of a garden flat in Alfreton in September 2009. The dilemma was if we could estimate the price could be to extend the lease by an additional years. Comparative premises in Alfreton with a long lease were worth £260,000. The average amount of ground rent was £50 collected quarterly. The lease elapsed in 2097. Given that there were 71 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of costs.