Alfreton Lease Extension - Free Consultation

Before you progress with your lease extension in Alfreton
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Top reasons for Alfreton lease extension

Why you should commence your Alfreton lease extension today:

A Alfreton lease depreciates with the years remaining on the lease.

Alfreton 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 becomes more expensive. It is the case that most Alfreton tenants have the right to extend their lease by an additional ninety years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Alfreton you must check if your lease has between 70 and 90 years remaining. There are good reasons why a Alfreton flat owner with a lease having around eighty years remaining should take steps to make sure that a lease extension is actioned without delay

Alfreton property with a lease extension has roughly the same value as a freehold

It is generally considered that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the property will be worth the same as a freehold for many years ahead.

Lenders may not lend on a short lease

Many mortgage companies insist on a lengthy amount of time left on a leasehold property before they will contemplate lending on it. Regardless of whether you need a mortgage, you should be mindful that it is probable that someone wanting to buy your property in the future might well do, so if they are unable to secure a mortgage, then the value of your property will likely be adversely impacted. Since 2008 the majority of mortgage lenders have increased the required minimum lease length that they are prepared to grant a mortgage on

Lender Requirement
Barclays plc Mortgage term plus 25 years provided that leases of less than 85 years are be referred to us for approval.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Lloyds TSB Scotland Mortgage term plus 30 years subject to an overall minimum term of 70 years
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary

Yorkshire Building Society 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.

Why use us for your lease extension in Alfreton?

Retaining our service will provide you increased control over the value of your Alfreton leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Alfreton Lease Extension Case Summaries:

Nicole, Alfreton, Derbyshire,

Off the back of protracted correspondence with the landlord of her studio apartment in Alfreton, Nicole commenced the lease extension process just as the lease was coming close to the all-important 80-year deadline. The legal work was concluded in January 2011. The landlord’s charges were kept to an absolute minimum.

Alfreton case:

In 2014 we were e-mailed by Mr and Mrs. G García who, having moved into a ground floor flat in Alfreton in August 2003. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by ninety years. Similar residencies in Alfreton with a long lease were valued about £280,000. The mid-range amount of ground rent was £55 invoiced every twelve months. The lease expired on 24 July 2099. Given that there were 78 years remaining we estimated the premium to the landlord to extend the lease to be between £13,300 and £15,400 not including fees.

Alfreton case:

Last Autumn we were called by Ms R Vincent , who bought a studio apartment in Alfreton in October 2012. The question was if we could shed any light on how much (approximately) price could be to prolong the lease by 90 years. Similar properties in Alfreton with 100 year plus lease were valued about £191,000. The mid-range amount of ground rent was £65 invoiced annually. The lease concluded on 9 September 2079. Taking into account 58 years remaining we approximated the compensation to the landlord for the lease extension to be within £23,800 and £27,400 exclusive of expenses.