Alvaston leases on residential deteriorating in value. if your lease has in the region of ninety years unexpired, you should start thinking about a lease extension. An important point to note is that it is desirable for your lease extension to be in place before the term of the existing lease dips below eighty years - otherwise a higher amount will be payable. Flat owners in Alvaston will usually qualify for a lease extension; however it’s a good idea to check with a lawyer to confirm if you qualify. In some situations you may not qualify. There are prescribed timetables and formalities to follow once the process is triggered so it’s prudent to be guided by a conveyancing solicitor during the process.
Leasehold properties in Alvaston with in excess of one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Godiva Mortgages | |
| Santander | |
| Skipton Building Society | |
| Virgin |
Lease extensions in Alvaston can be a difficult process. We recommend you procure guidance from a lawyer and surveyor with experience in lease extensions.
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 Alvaston lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last October Tommy, came precariously near to the 80-year threshold with the lease on his basement flat in Alvaston. Having bought his home two decades ago, the unexpired term was of no importance. As luck would have it, it dawned on him that he would imminently be paying an escalated premium for Extending the lease. Tommy arranged for a lease extension at the eleventh hour last July. Tommy and the landlord in the end settled on sum of £5,000 . If he had missed the deadline, the price would have increased by at least £1,000.
In 2009 we were contacted by Dr K Moreau who, having was assigned a lease of a studio flat in Alvaston in November 2004. We are asked if we could approximate the premium could be for a ninety year lease extension. Identical flats in Alvaston with 100 year plus lease were in the region of £300,000. The average ground rent payable was £50 billed yearly. The lease expired on 15 September 2101. Considering the 75 years outstanding we approximated the premium to the landlord for the lease extension to be between £8,600 and £9,800 not including legals.
Last year we were phoned by Mr and Mrs. R Lambert , who took over the lease of a garden flat in Alvaston in August 2011. We are asked if we could approximate the price could be to prolong the lease by 90 years. Similar properties in Alvaston with a long lease were worth £250,400. The average ground rent payable was £65 collected monthly. The lease expired in 2090. Taking into account 64 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £19,000 and £22,000 exclusive of professional charges.