Why you should commence your Aldershot lease extension

Top reasons for lease extension now:

Increase your lease and increase your Aldershot property value

Aldershot leases on residential properties are gradually losing value. if your lease has approximately ninety years left, you should start thinking about a lease extension. If lease term falls under eighty years, you will then have to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Aldershot will mostly qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to confirm if you qualify. In some circumstances you may not qualify. There are prescribed timetables and steps to comply with once the process has started so it’s prudent to be guided by a lawyer during the process.

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

Leasehold premises in Aldershot with over one hundred years remaining 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 upside in buying the reversionary interest unless savings on ground rent and estate charges merit it.

Lenders may not loan monies with a short lease

Most high street banks are making their criteria more stringent and many now require flats to have a minimum of sixty if not seventy years left once the mortgage has expired. As many flats in Aldershot were built in the fifties, sixties and seventies as a result many now require lease extensions if they wish to obtain a mortgage.

Get in touch with one of our Aldershot lease extension solicitors or enfranchisement solicitors

The lawyers that we work with procure Aldershot 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 lawyer we work with provide it.

Aldershot Lease Extension Example Cases:

Isabel, Aldershot, Hampshire,

Off the back of unsuccessful negotiations with the landlord of her two bedroom apartment in Aldershot, Isabel commenced the lease extension process just as the lease was nearing the crucial 80-year threshold. The legal work was concluded in June 2014. The landlord’s costs were negotiated to under 500 GBP.

Aldershot case:

Last Christmas we were e-mailed by Mr and Mrs. L Phillips , who was assigned a lease of a basement apartment in Aldershot in August 1999. We are asked if we could shed any light on how much (approximately) price could be for a ninety year extension to my lease. Comparable properties in Aldershot with 100 year plus lease were worth £230,800. The mid-range amount of ground rent was £60 invoiced annually. The lease expired in 2086. Given that there were 60 years unexpired we calculated the premium to the landlord to extend the lease to be between £24,700 and £28,600 not including professional charges.

Aldershot case:

In 2014 we were approached by Mr and Mrs. C Gómez who, having completed a ground floor apartment in Aldershot in August 2000. The question was if we could shed any light on how much (roughly) premium could be for a ninety year extension to my lease. Comparable residencies in Aldershot with 100 year plus lease were in the region of £210,000. The average amount of ground rent was £50 billed annually. The lease concluded in 2106. Considering the 80 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 not including expenses.