Alfreton leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. Most owners of residential leasehold property in Alfreton enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Alfreton you really ought to investigate if your lease has between seventy and 90 years remaining. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value
Leasehold premises in Alfreton with in excess of one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | |
| National Westminster Bank | |
| Santander | |
| Skipton Building Society | |
| Virgin |
Regardless of whether you are a tenant or a landlord in Alfreton,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Alfreton valuers.
Half a year ago Jude, came perilously near to the eighty-year mark with the lease on his purpose- built apartment in Alfreton. Having bought his property twenty years ago, the unexpired term was of no importance. Fortunately, he became aware that he would imminently be paying way over the odds for Extending the lease. Jude extended the lease just ahead of time last July. Jude and the freeholder eventually agreed on an amount of £5,000 . If he failed to meet the deadline, the sum would have increased by a minimum £1,125.
In 2013 we were called by Mr and Mrs. D Martin who, having took over the lease of a purpose-built apartment in Alfreton in September 2002. The dilemma was if we could approximate the premium would likely be for a 90 year lease extension. Identical premises in Alfreton with a long lease were valued around £176,200. The mid-range ground rent payable was £65 billed yearly. The lease ran out on 6 April 2082. Considering the 56 years remaining we approximated the compensation to the freeholder for the lease extension to be between £29,500 and £34,000 not including legals.
In 2009 we were e-mailed by Mr L Roberts who, having acquired a basement flat in Alfreton in July 2004. The dilemma was if we could estimate the price could be to extend the lease by an additional years. Identical premises in Alfreton with a long lease were in the region of £242,600. The average amount of ground rent was £45 invoiced monthly. The lease came to a finish in 2093. Considering the 67 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £11,400 and £13,200 exclusive of fees.