Main reasons to start your Alresford lease extension

Why you should commence your Alresford lease extension today:

Increase your lease and increase your Alresford property value

On the balance of probabilities where you own a flat in Alresford you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold properties in Alresford with in excess of 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges warrant it.

Lenders may not grant a mortgage on a short lease

Lenders are really restricting their approach as regards to homes in Alresford with short leases. For example you might discover that their lending requirements are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you needed to sell, your remaining options would be to find a cash buyer, or try your luck at auction thus narrowing your market.

What makes us experts in Alresford lease extensions?

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

Alresford Lease Extension Case Studies:

Jessica, Alresford, Hampshire,

After lengthy negotiations with the freeholder of her garden flat in Alresford, Jessica initiated the lease extension process just as her lease was approaching the critical 80-year threshold. The transaction was finalised in October 2009. The landlord’s costs were kept to an absolute minimum.

Alresford case:

Mr and Mrs. C Mason bought a newly refurbished flat in Alresford in March 1996. The question was if we could approximate the compensation to the landlord would likely be to extend the lease by a further 90 years. Similar flats in Alresford with a long lease were valued around £295,000. The average amount of ground rent was £45 invoiced every twelve months. The lease termination date was on 13 April 2100. Taking into account 74 years remaining we approximated the premium to the landlord for the lease extension to be within £8,600 and £9,800 plus costs.

Alresford case:

Last Spring we were called by Mr and Mrs. U Pérez , who acquired a purpose-built apartment in Alresford in August 2012. We are asked if we could estimate the premium could be for a 90 year extension to my lease. Comparative premises in Alresford with an extended lease were in the region of £243,000. The average ground rent payable was £65 billed monthly. The lease elapsed in 2089. Having 63 years as a residual term we approximated the compensation to the freeholder for the lease extension to be between £20,000 and £23,000 exclusive of legals.