Top reasons for Aldersbrook lease extension

Top reasons for lease extension now:

Increase your lease and increase your Aldersbrook property value

When it comes to domestic leasehold property in Aldersbrook, you are actually purchasing an entitlement to reside in a property for a prescribed time frame. Modern flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you should think about extending the lease sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease gets disproportionately greater especially once there are fewer than eighty years left. Anyone in Aldersbrook with a lease approaching 81 years left should seriously consider extending it sooner than later. Once a lease has below eighty years left, under the current legislation the landlord can calculate and charge a greater premium, based on a technical multiplication, known as “marriage value” which is payable.

Aldersbrook property with a lease extension has roughly the same value as a freehold

Leasehold premises in Aldersbrook with more than 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value 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 maintenance charges warrant it.

Banks and Building Societies will not lend with a short lease

Most banks and building societies will be unwilling to grant a mortgage on a lease with under 70 years unexpired - although this varies from lender to lender. A buyer will undoubtedly find it difficult to obtain a mortgage and this will result in your Aldersbrook property being difficult to sell or to obtain finance on.

Why use us for your lease extension in Aldersbrook?

The conveyancers that we work with undertake 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:

Arthur, Aldersbrook, North East London

Half a year ago Arthur, started to get near to the eighty-year mark with the lease on his one bedroom flat in Aldersbrook. In buying his flat twenty years previously, the length of the lease was of no significance. by good luck, he noticed he would imminently be paying way over the odds for Extending the lease. Arthur arranged for a lease extension just in the nick of time in March. Arthur and the landlord ultimately agreed on sum of £5,000 . If he had missed the deadline, the sum would have gone up by a minimum £1,075.

Aldersbrook case:

Last Autumn we were phoned by Ms Katherine Richardson , who was assigned a lease of a studio apartment in Aldersbrook in September 2008. The question was if we could shed any light on how much (roughly) price would be to prolong the lease by 90 years. Similar premises in Aldersbrook with an extended lease were in the region of £285,000. The average ground rent payable was £45 invoiced annually. The lease termination date was in 2096. Given that there were 71 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 exclusive of legals.