Why you should commence your Aldersbrook lease extension

Main reasons to start your Aldersbrook lease extension today:

Increase your lease and increase your Aldersbrook property value

Unfortunately that a Aldersbrook residential lease is a deteriorating asset. As the lease term diminishes so does the value of the property. The extent of this is taken for granted in the first few years due to the deflation being disguised by increases in the Aldersbrook property market.Where your lease has approximately 90 years left, you should start thinking about a lease extension. If the number of years remaining dips below eighty years, you will end up paying half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add the property Most leasehold owners in Aldersbrook will be able to extend under the legislation; however a lawyer will be able to clarify whether you qualify for an extension. In some cases you may not be entitled. There are also strict timeframes and procedures to follow once the process is instigated and you will need to be guided by your lawyer throughout the formalities.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Aldersbrook with in excess of one hundred years unexpired 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 property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it.

Lending institutions may not lend on a short lease

Mortgage companies are really restricting their approach as regards to homes in Aldersbrook with short leases. For instance you may find that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so where you wanted to sell, your only options would be to find a cash buyer, or hope for the best at auction thus narrowing your market.

What makes us experts in Aldersbrook lease extensions?

Lease extensions in Aldersbrook can be a difficult process. We recommend you secure guidance from a conveyancer and valuer 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 a wealth of experience 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.

Aldersbrook Lease Extension Example Cases:

Maisie, Aldersbrook, North East London,

In the wake of 6 months of unsuccessful correspondence with the landlord of her leasehold apartment in Aldersbrook, Maisie started the lease extension process just as the lease was approaching the all-important 80-year deadline. The transaction was concluded in June 2006. The landlord’s costs were kept to an absolute minimum.

Aldersbrook case:

In 2010 we were e-mailed by Mr and Mrs. A Díaz who, having was assigned a lease of a garden apartment in Aldersbrook in October 2004. We are asked if we could approximate the price would be for a ninety year lease extension. Similar premises in Aldersbrook with a long lease were worth £191,400. The average amount of ground rent was £55 billed annually. The lease expired in 2080. Taking into account 54 years left we approximated the compensation to the freeholder to extend the lease to be between £34,200 and £39,600 plus legals.