When it comes to domestic leasehold property in Alcester, you are actually purchasing an entitlement to live in a property for a prescribed time frame. Modern flat leases are usually granted for 99 years or 125. Even though this may appear like a lengthy period of time, you may consider a lease extension sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly especially once there are fewer than 80 years remaining. Anyone in Alcester with a lease nearing 81 years remaining should seriously think of extending it without delay. Once the lease term has fewer than 80 years left, under the current statute the landlord can calculate and charge a larger premium, assessed on a technical computation, strangely termed as “marriage value” which is payable.
It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Birmingham Midshires | |
| Chelsea Building Society | |
| Santander | |
| Virgin |
Retaining our service gives you better control over the value of your Alcester leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Off the back of lengthy negotiations with the freeholder of her first floor apartment in Alcester, Isabella started the lease extension process just as the lease was coming close to the critical eighty-year threshold. The legal work was concluded in June 2015. The freeholder’s costs were kept to an absolute minimum.
Ms V Fournier owned a one bedroom apartment in Alcester in April 2009. We are asked if we could estimate the price would be for a 90 year lease extension. Similar homes in Alcester with 100 year plus lease were in the region of £208,200. The mid-range amount of ground rent was £65 billed quarterly. The lease expired in 2087. Taking into account 61 years remaining we estimated the compensation to the landlord for the lease extension to be within £20,000 and £23,000 not including expenses.
Mr and Mrs. T Richardson acquired a recently refurbished apartment in Alcester in September 2001. We are asked if we could estimate the premium would be for a ninety year lease extension. Comparable flats in Alcester with an extended lease were valued about £260,000. The mid-range ground rent payable was £50 invoiced monthly. The lease came to a finish on 16 July 2098. Taking into account 72 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of legals.