Alresford leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. The majority of owners of residential leasehold property in Alresford enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Alresford you really ought to see if your lease has between seventy and 90 years remaining. 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
Leasehold premises in Alresford with more than one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Barnsley Building Society | |
| Chelsea Building Society | |
| Leeds Building Society | |
| Royal Bank of Scotland |
Lease extensions in Alresford can be a difficult process. We recommend you get guidance from a conveyancer 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 a wealth of experience procuring Alresford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last Winter Blake, started to get near to the eighty-year mark with the lease on his leasehold flat in Alresford. In buying his home two decades ago, the unexpired term was of little significance. Thankfully, he recognised he needed to take action soon on Extending the lease. Blake arranged for a lease extension just under the wire last April. Blake and the freeholder via the management company ultimately agreed on the final figure of £5,000 . If the lease had slid lower than 80 years, the price would have become more exhorbitant by a minimum £975.
In 2010 we were phoned by Mr and Mrs. V Rose who, having completed a recently refurbished flat in Alresford in October 2004. The question was if we could shed any light on how much (approximately) premium could be for a ninety year lease extension. Comparable premises in Alresford with a long lease were valued about £240,600. The average ground rent payable was £60 collected monthly. The lease ran out in 2088. Given that there were 62 years unexpired we calculated the premium to the freeholder for the lease extension to be within £21,900 and £25,200 exclusive of professional charges.
Dr Lily Laurent acquired a one bedroom apartment in Alresford in April 1996. We are asked if we could estimate the price would likely be to prolong the lease by a further 90 years. Identical properties in Alresford with 100 year plus lease were valued about £174,200. The mid-range amount of ground rent was £55 billed per annum. The lease terminated on 17 May 2077. Taking into account 51 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £31,400 and £36,200 not including professional charges.