Aldershot leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. The majority of owners of residential leasehold property in Aldershot enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Aldershot you would be well advised to check if your lease has between seventy and ninety years left. In particular once the remaining lease term slips under eighty years, the premium due on any lease extension increases dramatically as part of the premium you will incur is what is known as a marriage value
It is generally considered that a residential leasehold with over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Halifax | |
| National Westminster Bank | |
| The Mortgage Works | |
| Yorkshire Building Society |
Irrespective of whether you are a tenant or a landlord in Aldershot,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Aldershot valuers.
Following unsuccessful negotiations with the freeholder of her studio flat in Aldershot, Phoebe started the lease extension process as the 80 year mark was fast nearing. The legal work completed in February 2005. The freeholder’s charges were negotiated to about 550 GBP.
Mr and Mrs. V Hernández moved into a recently refurbished flat in Aldershot in April 2002. We are asked if we could approximate the premium would be for a 90 year lease extension. Comparative flats in Aldershot with a long lease were valued about £290,000. The average amount of ground rent was £45 collected yearly. The lease concluded in 2098. Considering the 72 years remaining we approximated the premium to the freeholder for the lease extension to be within £11,400 and £13,200 plus expenses.
Dr T Leroy completed a purpose-built flat in Aldershot in November 1998. The dilemma was if we could approximate the compensation to the landlord would be to prolong the lease by an additional years. Similar premises in Aldershot with a long lease were valued about £233,200. The mid-range amount of ground rent was £60 collected quarterly. The lease concluded in 2087. Taking into account 61 years remaining we calculated the premium to the freeholder to extend the lease to be between £22,800 and £26,400 not including costs.