The only way is down when it comes to Aldridge lease terms. Aldridge leaseholds that have a remaining term shorter than 80 years will drop in value at a rapid rate, and the cost to extend your lease will rise.
Leasehold properties in Aldridge with more than one hundred 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 property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Aldridge can be a difficult process. We recommend you get professional help from a conveyancer and valuer 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 a wealth of experience dealing with Aldridge lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Jamie was the the leasehold owner of a conversion apartment in Aldridge being sold with a lease of fraction over 61 years unexpired. Jamie informally contacted his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £125 per annum. No ground rent would be due on a lease extension were Jamie to invoke his statutory right. Jamie procured expert legal guidance and was able to make an informed decision and deal with the matter and ending up with a market value flat.
Mr and Mrs. B Turner owned a purpose-built apartment in Aldridge in November 2007. The question was if we could shed any light on how much (roughly) premium would likely be to extend the lease by a further 90 years. Identical residencies in Aldridge with 100 year plus lease were in the region of £240,600. The mid-range ground rent payable was £65 collected every twelve months. The lease ran out in 2088. Considering the 62 years left we calculated the compensation to the landlord for the lease extension to be between £21,900 and £25,200 plus professional charges.
Last Autumn we were contacted by Mr Evan Ricardo , who owned a one bedroom flat in Aldridge in April 2002. The dilemma was if we could shed any light on how much (roughly) premium would be for a ninety year lease extension. Comparable residencies in Aldridge with an extended lease were in the region of £179,200. The average amount of ground rent was £55 collected annually. The lease concluded on 5 May 2077. Given that there were 51 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £31,400 and £36,200 not including fees.