Main reasons to start your Aldermanbury lease extension

Top reasons for lease extension now:

Increase your lease and increase your Aldermanbury property value

The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Aldermanbury have the legal entitlement to extend the lease for a further ninety years under legislation. Please think carefully before delaying your Aldermanbury lease extension. Putting off that expense today simply escalates the amount you will eventually have to pay to extend the lease.

An extended lease has roughly the same value as a freehold

Leasehold premises in Aldermanbury with more than 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it.

Lenders will not loan monies with a short lease

Lenders are tightening their criteria and a meaningful number now want flats to have at least 60 if not 70 years remaining once the mortgage has expired. Given that a number of flats in Aldermanbury were built in the fifties, sixties and seventies this means many now need to be extended if they wish to get a mortgage.

Why use us for your lease extension in Aldermanbury?

The lawyers that we work with procure Aldermanbury 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 lawyer we work with provide it.

Aldermanbury Lease Extension Case Studies:

Caleb, Aldermanbury, London,

Caleb was the the leasehold proprietor of a 2 bedroom flat in Aldermanbury being sold with a lease of fraction over 61 years remaining. Caleb informally contacted his landlord a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent to start with set at £150 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Caleb to exercise his statutory right. Caleb procured expert legal guidance and was able to make an informed decision and handle with the matter and sell the property.

Aldermanbury case:

In 2009 we were contacted by Dr K Campbell who, having completed a studio flat in Aldermanbury in October 2008. We are asked if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Identical homes in Aldermanbury with a long lease were in the region of £210,000. The mid-range ground rent payable was £50 collected annually. The lease elapsed on 26 October 2106. Considering the 80 years remaining we estimated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 plus fees.