Alfriston Lease Extension - Free Consultation

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Top reasons for Alfriston lease extension


Top reasons for lease extension now:

Increase your lease and increase your Alfriston property value

Unfortunately that a Alfriston residential lease is a deteriorating asset. As the lease term diminishes so does the value of the property. The extent of this is taken for granted in the early years due to the loss of value being disguised by increases in the Alfriston property market.Once your lease nears 85ish years, you should start thinking about a lease extension. If the number of years remaining drops under 80 years, you will end up paying 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add the property The majority of flat owners in Alfriston will be able to extend under the legislation; however a conveyancer will be able to clarify if you qualify for an extension. In some situations you may not be entitled. There are also strict deadlines and procedures to follow once the process has commenced and you will need to be guided by your conveyancer for the duration of the formalities.

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

It is generally accepted that a property with over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the residence will be worth the same as a freehold for many years in the future.

Lenders may decide not to lend with a short lease

Mortgage lenders are less likely to grant a loan offer on a residential flat in Alfriston with a short lease. Some lenders simply refuse a mortgage on leases with below 75 years remaining.

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.
Chelsea 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.
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.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

What makes us experts in Alfriston lease extensions?

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

Alfriston Lease Extension Example Cases:

Daniel, Alfriston, East Sussex,

Daniel owned a studio flat in Alfriston on the market with a lease of a few days over 61 years remaining. Daniel on an informal basis contacted his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £100 per annum. No ground rent would be due on a lease extension were Daniel to invoke his statutory right. Daniel procured expert advice and was able to make an informed decision and handle with the matter and sell the flat.

Alfriston case:

Mr and Mrs. U Gómez was assigned a lease of a first floor apartment in Alfriston in October 1998. The dilemma was if we could estimate the price could be to prolong the lease by ninety years. Comparative homes in Alfriston with a long lease were in the region of £201,200. The mid-range ground rent payable was £55 invoiced every twelve months. The lease concluded on 1 March 2080. Having 56 years remaining we calculated the premium to the freeholder for the lease extension to be within £31,400 and £36,200 exclusive of costs.

Alfriston case:

Mr and Mrs. V Robinson took over the lease of a one bedroom apartment in Alfriston in September 2003. We are asked if we could shed any light on how much (approximately) premium would likely be for a 90 year lease extension. Identical premises in Alfriston with an extended lease were valued around £300,000. The average ground rent payable was £50 collected quarterly. The lease lapsed on 18 January 2100. Taking into account 76 years remaining we approximated the premium to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of expenses.