Chances are that if you own a flat in Alfreton you actually own a long leasehold interest over your property
It is generally considered that a residential leasehold with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.
| 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. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
Lease extensions in Alfreton can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.
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 Alfreton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Samuel owned a high value flat in Alfreton on the market with a lease of just over fifty eight years remaining. Samuel informally spoke with his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £200 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Samuel to exercise his statutory right. Samuel procured expert legal guidance and was able to make an informed decision and handle with the matter and ending up with a market value flat.
Last year we were called by Mr and Mrs. G Alexander , who moved into a garden flat in Alfreton in July 1997. We are asked if we could estimate the compensation to the landlord would be for a 90 year extension to my lease. Comparable flats in Alfreton with 100 year plus lease were worth £198,400. The average ground rent payable was £65 billed yearly. The lease ended on 23 August 2084. Taking into account 59 years remaining we approximated the compensation to the landlord for the lease extension to be between £21,900 and £25,200 exclusive of fees.
In 2012 we were approached by Dr K Morel who, having moved into a basement flat in Alfreton in November 2005. The dilemma was if we could estimate the premium would likely be to prolong the lease by ninety years. Comparative homes in Alfreton with an extended lease were valued about £255,000. The mid-range ground rent payable was £50 invoiced yearly. The lease ran out in 2095. Considering the 70 years as a residual term we approximated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 not including expenses.