The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Alexandra Park can extend the lease for a further ninety years under statute. Do give careful consideration before delaying your Alexandra Park lease extension. Shelving that expense now simply escalates the price you will ultimately have to pay for a lease extension.
It is generally accepted that a residential leasehold with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
Lease extensions in Alexandra Park can be a difficult process. We recommend you secure professional help from a lawyer 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 a wealth of experience procuring Alexandra Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of unsuccessful correspondence with the freeholder of her purpose-built flat in Alexandra Park, Olivia commenced the lease extension process as the eighty year threshold was swiftly advancing. The legal work was concluded in October 2015. The landlord’s charges were kept to an absolute minimum.
Last August we were contacted by Ms Zoe Bonnet , who completed a purpose-built apartment in Alexandra Park in February 2005. We are asked if we could approximate the price could be to extend the lease by ninety years. Identical premises in Alexandra Park with an extended lease were worth £267,600. The average ground rent payable was £65 collected per annum. The lease ran out on 8 June 2093. Given that there were 67 years remaining we calculated the premium to the landlord for the lease extension to be within £14,300 and £16,400 plus fees.
An example of a Lease Extension decision for a Alexandra Park property is Flat B 10 Grove Avenue in October 2013. Following a vesting order Clerkenwell and Shoreditch County Court 3rd July 2013 The tribunal determines that the premium payable for the lease extension was £36,215.00 This case related to 1 flat. The remaining number of years on the lease was 65.21 years.