Why you should commence your Alfriston lease extension

Why you should commence your Alfriston lease extension today:

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

Alfriston leases on domestic deteriorating in value. Where your lease has about ninety years left, you should start thinking about a lease extension. Eighty years is a significant number: when the remaining term of a lease falls below this level then you begin incurring an additional element called marriage value. Leasehold owners in Alfriston will usually qualify for a lease extension; however it’s a good idea to check with a conveyancing solicitor to check if you qualify. In certain situations you may not be entitled. There are prescribed deadlines and steps to comply with once the process is initiated so it’s wise to be guided by a conveyancing solicitor during the process.

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Banks and Building Societies may not finance a property with a short lease

Almost all banks and building societies insist on a lengthy amount of time left on a leasehold residence before they will consider lending on it. Even if you don't require a mortgage, you should be aware that it is probable that someone wanting to purchase your property in the future might well do, so where they are unable to secure a mortgage, then the value of your property will likely suffer. Since 2008 most banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

What makes us experts in Alfriston lease extensions?

Regardless of whether you are a tenant or a freeholder in Alfriston,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Alfriston valuers.

Alfriston Lease Extension Example Cases:

Jake, Alfriston, East Sussex

Last October Jake, started to get close to the eighty-year threshold with the lease on his purpose- built flat in Alfriston. Having bought his home 18 years previously, the lease term was of no significance. Fortunately, he realised he needed to take steps soon on Extending the lease. Jake was able to extend his lease just under the wire in January. Jake and the freeholder in the end settled on sum of £5,500 . If he not met the deadline, the price would have escalated by at least £875.

Alfriston case:

Mr and Mrs. S Gray owned a purpose-built flat in Alfriston in August 2005. The question was if we could estimate the premium could be for a 90 year lease extension. Similar homes in Alfriston with a long lease were valued around £295,000. The average amount of ground rent was £45 invoiced yearly. The lease terminated on 9 July 2100. Given that there were 74 years left we estimated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of expenses.

Alfriston case:

Last Winter we were e-mailed by Mr and Mrs. W Wilson , who completed a recently refurbished apartment in Alfriston in May 2004. We are asked if we could shed any light on how much (roughly) premium could be for a 90 year lease extension. Comparative homes in Alfriston with an extended lease were in the region of £243,000. The mid-range amount of ground rent was £65 billed monthly. The lease finished in 2089. Considering the 63 years left we estimated the premium to the landlord to extend the lease to be within £20,000 and £23,000 plus legals.