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
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.
|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.|
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.
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.
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.
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.