The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Alvaston may extend the lease for an additional ninety years in accordance with the 1993 Leasehold Reform Act. Do give careful consideration before delaying your Alvaston lease extension. Postponing that expense today simply escalates the price you will ultimately be required to pay to extend the lease.
Leasehold residencies in Alvaston with in excess of one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges warrant it.
Lender | Requirement |
---|---|
Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
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 |
Royal Bank of Scotland | Mortgage term plus 30 years. |
Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Lease extensions in Alvaston can be a difficult process. We recommend you procure guidance from a conveyancer 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 in-depth market knowledge procuring Alvaston lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
David owned a high value apartment in Alvaston on the market with a lease of just over 72 years left. David informally contacted his freeholder a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to an increased rent to £125 yearly. Ordinarily, ground rent would not be due on a lease extension were David to exercise his statutory right. David procured expert legal guidance and secured satisfactory deal informally and sell the flat.
Last Spring we were phoned by Mrs R Cooper , who took over the lease of a first floor apartment in Alvaston in June 2011. The dilemma was if we could estimate the price would likely be to prolong the lease by an additional years. Similar properties in Alvaston with 100 year plus lease were worth £189,000. The mid-range ground rent payable was £55 billed monthly. The lease finished on 28 August 2078. Considering the 53 years remaining we approximated the compensation to the landlord for the lease extension to be within £28,500 and £33,000 exclusive of expenses.
In 2014 we were called by Mr and Mrs. E Harris who, having completed a one bedroom flat in Alvaston in September 2007. The dilemma was if we could shed any light on how much (approximately) price could be for a 90 year lease extension. Comparative premises in Alvaston with 100 year plus lease were worth £290,000. The average amount of ground rent was £45 collected every twelve months. The lease came to a finish on 21 November 2098. Taking into account 73 years remaining we approximated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 plus professional charges.