The only way is down when it comes to Aldershot lease terms. Aldershot properties that have a residual term less than than 80 years will reduce in market price at a rapid rate, and the cost to extend your lease will rise.
Leasehold residencies in Aldershot with more than 100 years remaining on the lease are often referred to as ‘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 buying the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Halifax | |
| Leeds Building Society | |
| Royal Bank of Scotland | |
| Virgin | |
| Yorkshire Building Society |
Lease extensions in Aldershot can be a difficult process. We recommend you get guidance 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 in-depth market knowledge 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.
Trailing lengthy negotiations with the landlord of her basement flat in Aldershot, Tia started the lease extension process just as her lease was approaching the crucial 80-year threshold. The transaction was finalised in March 2005. The freeholder’s costs were kept to an absolute minimum.
In 2009 we were e-mailed by Mr and Mrs. J Taylor who, having moved into a purpose-built apartment in Aldershot in November 1996. We are asked if we could approximate the compensation to the landlord could be to extend the lease by a further 90 years. Similar residencies in Aldershot with a long lease were in the region of £275,000. The mid-range ground rent payable was £65 billed per annum. The lease elapsed in 2094. Given that there were 68 years unexpired we estimated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of professional charges.
In 2010 we were contacted by Ms C Wood who, having purchased a one bedroom apartment in Aldershot in September 2011. The dilemma was if we could approximate the price would be to prolong the lease by ninety years. Comparable homes in Aldershot with a long lease were worth £208,600. The mid-range amount of ground rent was £60 collected quarterly. The lease expired in 2083. Given that there were 57 years outstanding we calculated the premium to the landlord to extend the lease to be within £30,400 and £35,200 plus legals.