Alperton leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Alperton residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Alperton you would be well advised to check if your lease has between 70 and 90 years left. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension sharply increases as an element of the premium you will incur is what is known as a marriage value
It is generally considered that a residential leasehold with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Godiva Mortgages | |
| Halifax | |
| National Westminster Bank | |
| Nationwide Building Society |
Lease extensions in Alperton can be a difficult process. We recommend you secure guidance from a lawyer 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 in-depth market knowledge procuring Alperton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Blake owned a studio flat in Alperton on the market with a lease of a little over 72 years left. Blake informally spoke with his landlord being a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Blake to exercise his statutory right. Blake obtained expert advice and secured satisfactory deal without resorting to tribunal and readily saleable.
Last Autumn we were contacted by Mrs G Williams , who purchased a one bedroom flat in Alperton in October 2004. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by a further 90 years. Comparative homes in Alperton with an extended lease were worth £267,600. The mid-range amount of ground rent was £65 collected per annum. The lease ended on 21 February 2093. Taking into account 67 years left we approximated the premium to the freeholder to extend the lease to be between £14,300 and £16,400 plus professional charges.
An example of a Lease Extension case for a Alperton property is 99 Connell Crescent in May 2013. the Tribunal held that the relevant sum for the purposes of the lease extension should be £72,566 to be paid by the leaseholder This case was in relation to 1 flat. The number of years remaining on the existing lease(s) was 28.42 years.