Unfortunately that a Aldershot residential lease is a deteriorating asset. As the lease term diminishes so does the value of the property. The extent of this is taken for granted in the early years due to the loss of value being disguised by increases in the Aldershot property market.Once your lease gets to 85ish years, you need to start considering a lease extension. If the number of years remaining dips below 80 years, you will end up paying half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add the property The majority of leasehold owners in Aldershot will be able to extend under the legislation; however a lawyer should be able to confirm whether you are eligibility. In some situations you may not qualify. There are also strict timeframes and procedures to follow once the process has commenced and you will need to be guided by your conveyancer for the duration of the process.
It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Aldershot can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor well versed in the legislation and lease extension process.
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 procuring Aldershot lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Jake was the the leasehold proprietor of a 2 bedroom flat in Aldershot being sold with a lease of a few days over fifty eight years remaining. Jake informally approached his freeholder a well known London-based freehold company for a lease extension. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £50 annually. Ordinarily, ground rent would not be due on a lease extension were Jake to invoke his statutory right. Jake procured expert legal guidance and secured an acceptable deal informally and ending up with a market value flat.
Dr Logan Brown owned a studio flat in Aldershot in January 1995. The dilemma was if we could estimate the premium would be to extend the lease by an additional years. Comparative properties in Aldershot with a long lease were valued around £257,800. The mid-range ground rent payable was £65 invoiced per annum. The lease lapsed on 16 May 2090. Considering the 65 years unexpired we approximated the premium to the freeholder to extend the lease to be between £18,100 and £20,800 not including costs.
Last Spring we were approach by Mr Teddy Rivera , who bought a basement apartment in Aldershot in November 2009. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year lease extension. Identical residencies in Aldershot with 100 year plus lease were in the region of £191,400. The mid-range amount of ground rent was £55 collected monthly. The lease came to a finish on 2 May 2079. Given that there were 54 years left we approximated the premium to the freeholder to extend the lease to be within £34,200 and £39,600 plus expenses.