Top reasons for Alfreton lease extension

Top reasons for lease extension now:

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

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 the lease gets more expensive. Legislation has been in place for sometime now which permits qualifying Alfreton residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Alfreton you would be well advised to investigate if your lease has between 70 and 90 years remaining. There are compelling reasons why a Alfreton leaseholder with a lease having around eighty years unexpired should take action to make sure that a lease extension is effected without delay

Alfreton property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may not loan monies with a short lease

Mortgage lenders have specific criteria when loaning funds secured on leasehold property. Some will simply refrain from lending at all once an unexpired lease term goes beneath a certain unexpired lease term. Many Lending institutions will not consider property with a remaining below seventy years as adequate security. As well as this being important when selling, it is also relevant if you are intending to refinance your Alfreton property.

What makes us experts in Alfreton lease extensions?

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

Alfreton Lease Extension Example Cases:

Connor, Alfreton, Derbyshire,

Connor was the the leasehold owner of a conversion flat in Alfreton being marketed with a lease of fraction over sixty years outstanding. Connor informally spoke with his freeholder being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years subject to a new rent initially set at £100 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Connor to invoke his statutory right. Connor procured expert advice and was able to make a more informed judgement and handle with the matter and ending up with a market value flat.

Alfreton case:

In 2014 we were phoned by Mr and Mrs. I Wood who, having was assigned a lease of a one bedroom apartment in Alfreton in October 2008. We are asked if we could shed any light on how much (approximately) price would be to extend the lease by 90 years. Similar properties in Alfreton with an extended lease were valued around £250,000. The average ground rent payable was £50 billed quarterly. The lease finished on 15 April 2094. Considering the 68 years unexpired we estimated the premium to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of costs.

Alfreton case:

In 2011 we were contacted by Mr and Mrs. B Garcia who, having completed a garden apartment in Alfreton in July 2002. The question was if we could approximate the price could be to prolong the lease by ninety years. Comparable homes in Alfreton with a long lease were worth £285,000. The mid-range amount of ground rent was £55 billed every twelve months. The lease ended in 2105. Having 79 years outstanding we estimated the premium to the freeholder to extend the lease to be between £13,300 and £15,400 exclusive of costs.