Main reasons to start your Aldersgate lease extension

Top reasons for lease extension now:

Increase your lease and increase your Aldersgate property value

The only way is down when it comes to Aldersgate lease terms. Aldersgate flats that have a residual term shorter than eighty years will drop in market price even faster, and the cost of extending your lease will rise.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Aldersgate with over 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges justify it.

Mortgage lenders will not issue a mortgage on a short lease

Most mortgage companies insist on a lengthy amount of time left on a leasehold property before they will contemplate it as adequate security. Even if you don't require a mortgage, you should bear in mind that it is reasonable to assume that someone wishing to acquire your property in the future might well do, so where they can't obtain a mortgage, then the financial worth of your property will likely suffer. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

What makes us experts in Aldersgate lease extensions?

Lease extensions in Aldersgate can be a difficult process. We recommend you get professional help from a conveyancing solicitor and surveyor with experience in this area.

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 dealing with Aldersgate lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Aldersgate Lease Extension Case Studies:

Connor, Aldersgate, North London,

Connor owned a conversion apartment in Aldersgate being sold with a lease of fraction over fifty eight years remaining. Connor informally spoke with his landlord being a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £125 yearly. Ordinarily, ground rent would not be payable on a lease extension were Connor to invoke his statutory right. Connor obtained expert advice and was able to make an informed judgement and deal with the matter and readily saleable.

Aldersgate case:

Last Spring we were phoned by Dr Hunter Young , who owned a studio flat in Aldersgate in November 2005. We are asked if we could approximate the premium would likely be for a 90 year extension to my lease. Identical homes in Aldersgate with an extended lease were worth £218,000. The average amount of ground rent was £45 invoiced every twelve months. The lease lapsed on 7 February 2089. Taking into account 63 years remaining we calculated the compensation to the landlord for the lease extension to be within £17,100 and £19,800 not including costs.