The market value of a leasehold property in Aldersbrook is impacted by how many years the lease has left to run. If it is near to or less than 80 years you should foresee difficulties on re-sale, so it is advisable to arrange for a lease extension prior to buying. It is preferable to commence the lease extension process when the lease still has 82 years to run so that a lease extension can be addressed ahead of the eighty year cut off point. Statute enables Aldersbrook qualifying lessees to an additional term of 90 years over and above the unexpired term, at a nominal rent (no ground rent). The reason of the valuation is to determine the amount payable by the lessee to the freeholder for the acquisition of the lease extension.
Leasehold premises in Aldersbrook with more than 100 years left on the lease are often referred to as ‘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 upside in buying the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| National Westminster Bank | |
| Nationwide Building Society | |
| Skipton Building Society | |
| TSB | |
| Royal Bank of Scotland |
Lease extensions in Aldersbrook can be a difficult process. We recommend you get professional help from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Aldersbrook lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
18 months ago Reuben, came seriously near to the 80-year threshold with the lease on his basement flat in Aldersbrook. In buying his property 19 years previously, the unexpired term was of no significance. Fortunately, he realised he needed to take action soon on a lease extension. Reuben was able to extend his lease just under the wire last July. Reuben and the landlord in the end agreed on sum of £5,000 . If the lease had descended below 80 years, the premium would have escalated by at least £900.
Mr and Mrs. S Bell was assigned a lease of a one bedroom flat in Aldersbrook in July 1995. The dilemma was if we could approximate the compensation to the landlord would likely be to extend the lease by ninety years. Comparative residencies in Aldersbrook with 100 year plus lease were valued about £290,000. The mid-range amount of ground rent was £45 invoiced yearly. The lease came to a finish in 2099. Having 73 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of professional charges.
An example of a Freehold Enfranchisement matter before the tribunal for a Aldersbrook flat is 9 Granville Road in June 2014. The tribunal determines the enfranchisement price payable by the applicants for the freehold was £32,548 This case was in relation to 5 flats. The remaining number of years on the lease was 73.8 years.