Unfortunately that a Alston residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the first few years due to the loss of value being disguised by increases in the Alston property prices.Once your lease gets to 85ish years, you need to start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls lower than 80 years - otherwise a higher amount will be payable. Most leasehold owners in Alston will be able to extend under the legislation; however a conveyancing solicitor should be able to clarify whether you qualify for an extension. In some cases you may not be entitled. There are also strict timetables and procedures to follow once the process is initiated and you will need to be guided by your conveyancer for the duration of the formalities.
It is generally considered that a residential leasehold with more than 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Birmingham Midshires | |
| Chelsea Building Society | |
| Godiva Mortgages | |
| Skipton Building Society |
Lease extensions in Alston can be a difficult process. We recommend you get professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.
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 Alston lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Austin owned a studio apartment in Alston on the market with a lease of a little over 72 years unexpired. Austin informally contacted his freeholder being a well known local-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent to start with set at £200 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Austin to exercise his statutory right. Austin procured expert legal guidance and secured an acceptable deal informally and ending up with a market value flat.
Last November we were approach by Dr Erin Anderson , who owned a garden flat in Alston in March 1996. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be to prolong the lease by 90 years. Identical flats in Alston with an extended lease were valued about £275,000. The average amount of ground rent was £65 invoiced annually. The lease end date was in 2094. Given that there were 68 years left we estimated the premium to the landlord for the lease extension to be between £12,400 and £14,200 exclusive of costs.
Dr Y Gómez owned a studio apartment in Alston in June 2001. We are asked if we could estimate the price could be for a ninety year extension to my lease. Identical properties in Alston with a long lease were valued about £208,600. The average ground rent payable was £60 billed yearly. The lease finished in 2083. Given that there were 57 years as a residual term we approximated the premium to the landlord to extend the lease to be between £30,400 and £35,200 plus expenses.