Alton leases on residential deteriorating in value. if your lease has about 90 years remaining, you should start considering the need for a lease extension. 80 years is a significant number: when the unexpired term of a lease drops below this level then you begin paying an additional element called marriage value. Leasehold owners in Alton will mostly qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to confirm your eligibility. In some circumstances you may not qualify. There are prescribed timetables and procedures to follow once the process is triggered so it’s best to be guided by a conveyancing solicitor during the process.
Leasehold properties in Alton with over one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Irrespective of whether you are a tenant or a landlord in Alton,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 in-depth market knowledge and the close ties they enjoy with Alton valuers.
Two years ago Seth, started to get close to the eighty-year threshold with the lease on his first floor flat in Alton. Having purchased his home 19 years ago, the unexpired term was of little importance. Thankfully, it dawned on him that he would imminently be paying an escalated premium for Extending the lease. Seth arranged for a lease extension just ahead of time last July. Seth and the freeholder subsequently agreed on a premium of £5,000 . If he had missed the deadline, the price would have gone up by a minimum £850.
In 2009 we were called by Mr I Martínez who, having purchased a purpose-built apartment in Alton in August 2000. The dilemma was if we could shed any light on how much (approximately) premium would likely be to prolong the lease by an additional years. Comparative properties in Alton with an extended lease were valued around £225,400. The mid-range ground rent payable was £45 collected monthly. The lease concluded in 2090. Having 64 years as a residual term we calculated the premium to the landlord for the lease extension to be within £15,200 and £17,600 plus professional charges.
Mr and Mrs. C Díaz bought a purpose-built apartment in Alton in March 2003. We are asked if we could shed any light on how much (approximately) premium could be for a 90 year extension to my lease. Comparable properties in Alton with an extended lease were in the region of £270,000. The average ground rent payable was £55 billed per annum. The lease ended in 2101. Considering the 75 years outstanding we estimated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of expenses.