Top reasons for Aldersgate lease extension

Why you should commence your Aldersgate lease extension today:

Increase your lease and increase your Aldersgate property value

For anyone whose Aldersgate home is held on a long lease, the message is clear – if nothing is done, your property will ultimately revert to the freeholder, leaving you empty-handed. The shorter the lease the lower the value of the property and the more expensive it will be to extend the lease.

Aldersgate property with a lease extension is almost the same value as a freehold

Leasehold premises in Aldersgate with over 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit it.

Mortgage lenders may decide not to grant a mortgage with a short lease

Mortgage companies are tightening their criteria and many now expect flats to have at least sixty if not seventy years left once the mortgage has expired. Considering a number of flats in Aldersgate were created in the 1950s, 1960s and 1970s this means many now require lease extensions if they if they are to be mortgageable.

Why use us for your lease extension in Aldersgate?

The lawyers that we work with handle Aldersgate 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 conveyancer we work with provide it.

Aldersgate Lease Extension Example Cases:

Isaac, Aldersgate, North London,

Isaac was the the leasehold owner of a 2 bedroom apartment in Aldersgate being marketed with a lease of a little over sixty years left. Isaac on an informal basis spoke with his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £100 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Isaac to exercise his statutory right. Isaac obtained expert legal guidance and was able to make a more informed decision and deal with the matter and sell the flat.

Aldersgate case:

In 2011 we were contacted by Mr Y Turner who, having took over the lease of a ground floor apartment in Aldersgate in June 2012. The question was if we could estimate the price would likely be to extend the lease by ninety years. Similar properties in Aldersgate with an extended lease were in the region of £280,000. The mid-range amount of ground rent was £55 collected annually. The lease ended in 2104. Considering the 78 years remaining we estimated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 exclusive of professional charges.