It’s a harsh truth that a Alfriston residential lease is a wasting asset. As the lease term diminishes so does the value of the property. The extent of this is not fully appreciated in the early years due to the depreciation being disguised by increases in the Alfriston property prices.Once your lease gets to 85ish years, you should start thinking about a lease extension. If lease term dips below eighty years, you will end up paying half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property The majority of leasehold owners in Alfriston will be able to extend under the legislation; however a conveyancing solicitor will be able to confirm if you qualify for an extension. In some situations you may not qualify. There are also strict deadlines and procedures to follow once the process has commenced and you will need to be guided by your lawyer from beginning to end of the formalities.
Leasehold residencies in Alfriston with in excess of 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Godiva Mortgages | |
| The Mortgage Works | |
| Yorkshire Building Society |
Lease extensions in Alfriston can be a difficult process. We recommend you get guidance 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 Alfriston lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Oscar owned a studio flat in Alfriston on the market with a lease of just over 61 years outstanding. Oscar informally approached his freeholder being a well known Manchester-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £100 yearly. Ordinarily, ground rent would not be due on a lease extension were Oscar to invoke his statutory right. Oscar obtained expert advice and secured an acceptable deal without going to tribunal and ending up with a market value flat.
Mr and Mrs. U Lefèvre acquired a studio apartment in Alfriston in August 1998. We are asked if we could estimate the price would likely be to prolong the lease by a further 90 years. Comparable flats in Alfriston with a long lease were worth £174,200. The average ground rent payable was £55 invoiced every twelve months. The lease came to a finish on 3 September 2077. Given that there were 51 years as a residual term we approximated the compensation to the landlord to extend the lease to be within £31,400 and £36,200 not including professional charges.
In 2013 we were called by Dr Caleb Scott who, having moved into a one bedroom apartment in Alfriston in February 1997. The question was if we could estimate the price would be to prolong the lease by ninety years. Identical residencies in Alfriston with a long lease were valued around £285,000. The average amount of ground rent was £45 billed yearly. The lease finished on 20 October 2097. Considering the 71 years left we approximated the premium to the landlord for the lease extension to be between £12,400 and £14,200 exclusive of fees.