Top reasons for Aldeburgh lease extension

Main reasons to commence your Aldeburgh lease extension today:

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

The value of Aldeburgh leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate significantly once the remaining term is less than 80 years

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Mortgage lenders will not loan monies on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to become jittery at around 75 years. This will cause difficulties when you wish to market or remortgage your flat as it will be effectively unmortgageable. Even though you may have no imminent intention to sell but when you do your buyer will have to hold off for a couple of years before they can start the legal procedures for an extension to the lease.

Why use us for your lease extension in Aldeburgh?

Retaining our service gives you increased control over the value of your Aldeburgh leasehold, as your property will be more valuable and saleable 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.

Aldeburgh Lease Extension Example Cases:

Alfie, Aldeburgh, Suffolk

During the course of the last few months Alfie, started to get close to the eighty-year threshold with the lease on his leasehold apartment in Aldeburgh. Having bought his property 18 years previously, the length of the lease was of minimal relevance. Thankfully, it dawned on him that he would imminently be paying way over the odds for a lease extension. Alfie extended the lease at the eleventh hour last March. Alfie and the landlord in the end agreed on sum of £6,000 . If he not met the deadline, the amount would have increased by a minimum £1,100.

Aldeburgh case:

Mr and Mrs. H Dupont acquired a basement apartment in Aldeburgh in February 2004. The question was if we could shed any light on how much (roughly) price could be for a 90 year extension to my lease. Comparative homes in Aldeburgh with an extended lease were worth £235,600. The average amount of ground rent was £60 invoiced per annum. The lease elapsed on 25 October 2088. Taking into account 62 years left we calculated the compensation to the freeholder for the lease extension to be within £21,900 and £25,200 plus professional charges.

Aldeburgh case:

In 2012 we were contacted by Dr James David who, having completed a garden flat in Aldeburgh in March 2002. We are asked if we could shed any light on how much (roughly) price would likely be for a 90 year extension to my lease. Identical flats in Aldeburgh with a long lease were valued about £174,200. The average ground rent payable was £55 billed monthly. The lease expired in 2077. Given that there were 51 years remaining we calculated the premium to the landlord to extend the lease to be between £31,400 and £36,200 plus fees.