Aston on Trent Lease Extension - Free Consultation

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Why you should start your Aston on Trent lease extension


Top reasons for lease extension now:

A Aston on Trent leasehold property depreciates with the years remaining on the lease.

The closer a domestic lease in Aston on Trent gets to zero years unexpired, the the greater the reduction in the value of the property. If the lease has, beyond one hundred years remaining then this decrease may be of little impact nevertheless there will become a point in time when a lease has fewer than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary reason why you should consider extending sooner rather than later. Most flat owners in Aston on Trent will meet the qualifying criteria; however a conveyancing solicitor can confirm whether you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Aston on Trent with in excess of 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth 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 maintenance charges warrant it.

Lending institutions will not loan monies with a short lease

Most banks have tightened lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against property with shorter lease terms, particularly below seventy years as they are considered to be unacceptable for lending purposes.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Barclays plc Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below).

Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
National Westminster Bank Mortgage term plus 30 years.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Get in touch with one of our Aston on Trent lease extension solicitors or enfranchisement solicitors

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

Aston on Trent Lease Extension Case Studies:

Louise, Aston on Trent, Derbyshire,

Following lengthy discussions with the landlord of her purpose-built apartment in Aston on Trent, Louise started the lease extension process as the eighty year threshold was swiftly approaching. The legal work was finalised in November 2008. The freeholder’s charges were kept to an absolute minimum.

Aston on Trent case:

Last year we were e-mailed by Dr I Martinez , who moved into a one bedroom flat in Aston on Trent in May 2000. We are asked if we could shed any light on how much (approximately) price could be for a ninety year extension to my lease. Comparative flats in Aston on Trent with a long lease were in the region of £200,000. The average amount of ground rent was £50 billed every twelve months. The lease came to a finish in 2101. Taking into account 77 years left we approximated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of legals.

Aston on Trent case:

Last May we were contacted by Mr and Mrs. J Jackson , who was assigned a lease of a first floor apartment in Aston on Trent in August 2005. We are asked if we could shed any light on how much (roughly) premium would be for a 90 year extension to my lease. Comparable properties in Aston on Trent with 100 year plus lease were in the region of £260,200. The average ground rent payable was £65 collected monthly. The lease end date was in 2090. Taking into account 66 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £16,200 and £18,600 exclusive of legals.