Why you should start your Alperton lease extension

Why you should commence your Alperton lease extension today:

Increase your lease and increase your Alperton property value

The closer a domestic lease in Alperton nears to zero years unexpired, the the greater the reduction in the value of the property. If the lease has, in excess of 100 years to run then this decrease may be of little impact that being said there will become a point in time when a lease has fewer than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary logic behind why you should consider extending without delay. The majority of flat owners in Alperton will qualify for this right; however a conveyancer can advise if you are eligible to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

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

Leasehold premises in Alperton with over one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies will not lend with a short lease

The trend since the credit crunch has been for mortgage companies to tighten lending requirements across the board - this has extended to the property over which the home loan is to be charged. This has meant the minimum number of years remaining under the lease required by lenders has increased. In the past mortgage companies were content with twenty years plus the term of the loan - routinely 50 year leases but those requirements have been chipped away by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

Get in touch with one of our Alperton lease extension solicitors or enfranchisement solicitors

Lease extensions in Alperton can be a difficult process. We recommend you obtain professional help from a conveyancer and valuer with experience in lease extensions.

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 Alperton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Alperton Lease Extension Example Cases:

Sebastian, Alperton, North London,

Sebastian owned a 2 bedroom flat in Alperton on the market with a lease of a few days over sixty years outstanding. Sebastian on an informal basis approached his landlord being a well known London-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £100 yearly. No ground rent would be due on a lease extension were Sebastian to exercise his statutory right. Sebastian procured expert advice and was able to make an informed decision and deal with the matter and ending up with a market value flat.

Alperton case:

Last Summer we were contacted by Dr Laura Taylor , who acquired a one bedroom flat in Alperton in September 1998. We are asked if we could approximate the compensation to the landlord could be to extend the lease by an additional years. Comparable homes in Alperton with 100 year plus lease were worth £205,000. The average amount of ground rent was £50 collected per annum. The lease finished on 9 April 2104. Having 78 years as a residual term we approximated the premium to the freeholder to extend the lease to be between £7,600 and £8,800 not including expenses.