Alston leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. The majority of owners of residential leasehold property in Alston enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Alston you should check if your lease has between 70 and 90 years remaining. There are good reasons why a Alston leaseholder with a lease having around 80 years remaining should take action to make sure that a lease extension is put in place without delay
It is conventional wisdom that a property with over 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 35 years left, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Barnsley Building Society | |
| Halifax | |
| National Westminster Bank |
Irrespective of whether you are a tenant or a landlord in Alston,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Alston valuers.
Last Summer Callum, started to get near to the 80-year threshold with the lease on his basement apartment in Alston. In buying his home two decades ago, the lease term was of little relevance. Luckily, he became aware that he would imminently be paying an inflated amount for a lease extension. Callum arranged for a lease extension just ahead of time in August. Callum and the freeholder via the management company eventually agreed on the final figure of £6,000 . If the lease had fallen below 80 years, the amount would have become more exhorbitant by at least £1,100.
In 2014 we were called by Mr and Mrs. O Thomas who, having took over the lease of a garden apartment in Alston in January 2001. We are asked if we could shed any light on how much (approximately) premium would be for a 90 year extension to my lease. Similar residencies in Alston with 100 year plus lease were valued around £250,400. The average ground rent payable was £65 collected yearly. The lease ended on 24 September 2090. Having 64 years left we calculated the premium to the landlord for the lease extension to be within £19,000 and £22,000 exclusive of fees.
In 2013 we were called by Mr U Lefebvre who, having took over the lease of a one bedroom apartment in Alston in May 1996. We are asked if we could estimate the price could be to prolong the lease by an additional years. Identical residencies in Alston with 100 year plus lease were valued about £189,000. The average amount of ground rent was £55 billed yearly. The lease finished in 2079. Taking into account 53 years unexpired we estimated the compensation to the freeholder for the lease extension to be within £28,500 and £33,000 exclusive of professional charges.