The only way is down when it comes to Aldersgate lease terms. Aldersgate properties that have a residual term shorter than 80 years will de-escalate in market price even faster, and the cost of extending your lease will rise.
It is generally considered that a property with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Chelsea Building Society | |
| Leeds Building Society | |
| National Westminster Bank | |
| Royal Bank of Scotland |
Engaging our service gives you enhanced control over the value of your Aldersgate leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
In the wake of eight months of protracted discussions with the landlord of her purpose-built apartment in Aldersgate, Gemma started the lease extension process as the 80 year threshold was fast coming. The lease extension was concluded in August 2008. The freeholder’s fees were negotiated to about 650 pounds.
In 2012 we were phoned by Dr S Anderson who, having completed a garden apartment in Aldersgate in August 2011. We are asked if we could shed any light on how much (approximately) price would likely be to extend the lease by an additional years. Identical homes in Aldersgate with 100 year plus lease were in the region of £254,200. The average amount of ground rent was £60 collected per annum. The lease elapsed on 22 June 2077. Given that there were 51 years unexpired we approximated the premium to the landlord to extend the lease to be between £43,700 and £50,600 not including professional charges.
An example of a Lease Extension matter before the tribunal for a Aldersgate property is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case affected 2 flats. The unexpired term was 72.39 years.