Allestree Lease Extension - Free Consultation

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Why you should start your Allestree lease extension


Why you should commence your Allestree lease extension today:

Increase your lease and increase your Allestree property value

The value of Allestree leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase significantly once the unexpired lease term is below than eighty years

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with more than one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 30 years left, the premises will be worth the same as a freehold for many years ahead.

Mortgage lenders may decide not to issue a mortgage with a short lease

Almost all mortgage lenders will not lend on a lease with less than 70 years remaining - although this varies from lender to lender. A buyer will no doubt encounter difficulties in obtaining a mortgage and this will result in your Allestree property being difficult to sell or to obtain finance on.

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.
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.
Halifax Minimum 70 years from the date of the mortgage.
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

Why use us for your lease extension in Allestree?

Lease extensions in Allestree can be a difficult process. We recommend you procure 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 dealing with Allestree lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Allestree Lease Extension Example Cases:

Harry, Allestree, Derbyshire,

Harry owned a studio flat in Allestree on the market with a lease of a few days over 61 years remaining. Harry informally contacted his landlord being a well known London-based freehold company for a lease extension. The freeholder 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 25 years thereafter. No ground rent would be payable on a lease extension were Harry to exercise his statutory right. Harry obtained expert legal guidance and was able to make a more informed judgement and handle with the matter and readily saleable.

Allestree case:

Last Christmas we were phoned by Dr Nathan Vincent , who acquired a garden apartment in Allestree in June 2008. We are asked if we could approximate the premium could be to extend the lease by ninety years. Comparable homes in Allestree with a long lease were valued about £216,000. The average amount of ground rent was £60 billed annually. The lease terminated on 3 May 2082. Considering the 58 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £28,500 and £33,000 not including expenses.

Allestree case:

In 2011 we were phoned by Dr B Roux who, having owned a ground floor flat in Allestree in September 2002. We are asked if we could approximate the premium would be to prolong the lease by ninety years. Similar homes in Allestree with 100 year plus lease were valued around £200,000. The mid-range amount of ground rent was £50 collected yearly. The lease expired on 18 November 2102. Taking into account 78 years as a residual term we approximated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 not including professional charges.