Main reasons to commence your Aldersbrook lease extension

Why you should start your Aldersbrook lease extension today:

Increase your lease and increase your Aldersbrook property value

When it comes to residential leasehold property in Aldersbrook, you are actually buying a right to live in a property for a prescribed time frame. In recent years flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you may consider extending the lease sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease gets disproportionately greater particularly once there are fewer than 80 years left. Residents in Aldersbrook with a lease drawing near to 81 years left should seriously consider extending it without delay. Once a lease has fewer than 80 years outstanding, under the current legislation the freeholder is entitled to calculate and levy a larger amount, assessed on a technical computation, strangely termed as “marriage value” which is payable.

An extended lease has roughly the same value as a freehold

Leasehold properties in Aldersbrook with over one hundred years outstanding on the lease are sometimes regarded as a ‘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 to be gained by buying the freehold unless savings on ground rent and estate charges merit it.

Banks and Building Societies may decide not to finance a property with a short lease

Lenders will not grant a mortgage on short residential leases. You are likely to experience problems if you need to sell your flat in Aldersbrook if the unexpired term of your lease is less than the criteria set by most mortgage companies. Different lenders have different criteria but on the whole theyrequire an unexpired term of at least seventy years.

Why use us for your lease extension in Aldersbrook?

The lawyers that we work with procure Aldersbrook 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.

Aldersbrook Lease Extension Example Cases:

Dexter, Aldersbrook, North East London,

Dexter was the the leasehold proprietor of a 2 bedroom apartment in Aldersbrook being marketed with a lease of just over sixty years remaining. Dexter on an informal basis contacted his landlord being a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent to start with set at £100 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Dexter to invoke his statutory right. Dexter obtained expert advice and was able to make a more informed judgement and handle with the matter and sell the property.

Aldersbrook case:

Dr Andrew Moreau owned a purpose-built apartment in Aldersbrook in March 1999. We are asked if we could estimate the compensation to the landlord could be for a ninety year lease extension. Identical premises in Aldersbrook with a long lease were in the region of £216,000. The mid-range ground rent payable was £60 billed every twelve months. The lease terminated on 9 November 2084. Taking into account 58 years remaining we calculated the compensation to the landlord for the lease extension to be between £28,500 and £33,000 plus fees.