Main reasons to commence your Alresford lease extension

Main reasons to start your Alresford lease extension today:

Increase your lease and increase your Alresford property value

There is no doubt about it a leasehold property in Alresford is a wasting asset as a result of the diminishing lease term. If the residual term has, beyond one hundred years to run then this decrease may be of little impact however there will become a stage when a lease has less than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main rational as to why you should consider extending sooner as opposed to later. Most flat owners in Alresford will qualify for this right; however a lawyer can confirm whether you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.

Alresford property with a lease extension is almost the same value as a freehold

It is generally accepted that a property with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Lenders may decide not to grant a mortgage on a short lease

Lenders are inclined not lend on short residential leases. You most probably encounter problems where you need to sell your flat in Alresford if the remaining term of your lease is below the criteria set by most mortgage companies. Different mortgage companies have varying requirements but in the main theyrequire an unexpired term of at least seventy years.

What makes us experts in Alresford lease extensions?

The lawyers that we work with procure Alresford lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Alresford Lease Extension Case Summaries:

Leo, Alresford, Hampshire,

Leo owned a conversion flat in Alresford being marketed with a lease of a little over 59 years remaining. Leo on an informal basis approached his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £100 annually. Ordinarily, ground rent would not be payable on a lease extension were Leo to exercise his statutory right. Leo obtained expert legal guidance and was able to make an informed decision and deal with the matter and readily saleable.

Alresford case:

In 2013 we were e-mailed by Mrs K Harris who, having owned a studio apartment in Alresford in July 1999. We are asked if we could shed any light on how much (roughly) price would be to extend the lease by a further 90 years. Similar residencies in Alresford with a long lease were valued around £200,000. The mid-range amount of ground rent was £50 billed per annum. The lease lapsed on 12 March 2104. Having 78 years remaining we calculated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of professional charges.

Alresford case:

Last Autumn we were contacted by Mr and Mrs. O Lefèvre , who bought a basement flat in Alresford in October 1999. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year lease extension. Similar premises in Alresford with an extended lease were valued about £267,600. The average ground rent payable was £65 billed annually. The lease elapsed on 12 March 2093. Taking into account 67 years unexpired we calculated the premium to the landlord to extend the lease to be between £14,300 and £16,400 exclusive of fees.