Main reasons to commence your Alperton lease extension

Top reasons for lease extension now:

Increase your lease and increase your Alperton property value

Alperton residential property held on a long lease is a wasting asset as the leaseholder only owns the property for a set term.

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

It is generally considered that a property with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years left, the residence will be worth the same as a freehold for decades to come.

Lending institutions may not loan monies with a short lease

Mortgage companies are really clamping down as regards to properties in Alperton with short leases. For instance you may find that their lending requirements are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you needed to sell, your only options would be to find a cash purchaser, or try your luck at auction thus limiting your market.

What makes us experts in Alperton lease extensions?

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

Alperton Lease Extension Case Summaries:

Connor, Alperton, North London

Last Christmas Connor, started to get near to the eighty-year mark with the lease on his basement apartment in Alperton. Having purchased his flat two decades ago, the unexpired term was of no bearing. As luck would have it, he realised he would imminently be paying an inflated amount for Extending the lease. Connor was able to extend his lease just under the wire last June. Connor and the landlord who owned the flat above subsequently agreed on sum of £5,500 . If the lease had slipped below eighty years, the sum would have escalated by at least £1,050.

Alperton case:

Dr E Bonnet took over the lease of a ground floor flat in Alperton in March 2009. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year lease extension. Comparative premises in Alperton with 100 year plus lease were worth £223,400. The average amount of ground rent was £60 collected yearly. The lease elapsed in 2085. Given that there were 59 years outstanding we approximated the compensation to the landlord to extend the lease to be between £27,600 and £31,800 plus costs.