Top reasons for Albrighton lease extension

Why you should start your Albrighton lease extension today:

Increase your lease and increase your Albrighton property value

Albrighton leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. It is the case that most Albrighton tenants have the right to extend their lease by an additional 90 years by virtue of the 1993 Leasehold Reform Act. If you are a leasehold owner in Albrighton you really ought to check if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under 80 years, the amount payable for any lease extension increases dramatically as an element of the premium you will incur is what is known as a marriage value

An extended lease has roughly the same value as a freehold

It is generally considered that a property with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years left, the residence will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may decide not to issue a mortgage on a short lease

Banks and building societies are inclined not grant a mortgage on short residential leases. You are likely to encounter problems where you need to sell your flat in Albrighton if the unexpired lease term is less than the criteria set by the majority of banks and building societies. Different mortgage companies have varying criteria but on the whole theyrequire a minimum remaining lease term of 65 years.

What makes us experts in Albrighton lease extensions?

The conveyancing solicitors that we work with procure Albrighton lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Albrighton Lease Extension Case Summaries:

James, Albrighton, Shropshire

Two years ago James, started to get close to the eighty-year mark with the lease on his basement flat in Albrighton. In buying his flat twenty years ago, the unexpired term was of minimal concern. Thankfully, it dawned on him that he would soon be paying an inflated amount for Extending the lease. James arranged for a lease extension at the eleventh hour in January. James and the landlord in the end agreed on an amount of £5,000 . If he had missed the deadline, the sum would have become more exhorbitant by at least £1,050.

Albrighton case:

Last Summer we were contacted by Mr and Mrs. H Jackson , who acquired a one bedroom apartment in Albrighton in May 2007. The dilemma was if we could approximate the premium would likely be to extend the lease by ninety years. Identical homes in Albrighton with 100 year plus lease were in the region of £290,000. The average amount of ground rent was £45 billed monthly. The lease ended in 2099. Taking into account 73 years unexpired we approximated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 plus legals.

Albrighton case:

In 2009 we were called by Mr Ethan Allen who, having took over the lease of a one bedroom apartment in Albrighton in May 2002. The dilemma was if we could shed any light on how much (approximately) premium would be for a 90 year lease extension. Comparable premises in Albrighton with an extended lease were worth £235,600. The mid-range amount of ground rent was £60 collected annually. The lease ran out in 2088. Considering the 62 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £21,900 and £25,200 plus fees.