Aston on Trent leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. It is the case that most Aston on Trent tenants have the right to extend their lease by an additional ninety years in accordance with the 1993 Leasehold Reform Act. If you are a leasehold owner in Aston on Trent you should see if your lease has between 70 and 90 years left. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension sharply increases as part of the premium you pay is what is known as a marriage value
It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Aston on Trent can be a difficult process. We recommend you get professional help from a lawyer and surveyor 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 dealing with Aston on Trent lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of eight months of protracted correspondence with the landlord of her garden apartment in Aston on Trent, Niamh initiated the lease extension process just as her lease was nearing the critical eighty-year deadline. The transaction completed in October 2006. The landlord’s costs were kept to an absolute minimum.
In 2012 we were phoned by Mr and Mrs. J Lewis who, having completed a ground floor flat in Aston on Trent in November 1998. The question was if we could shed any light on how much (roughly) premium could be to prolong the lease by an additional years. Comparative properties in Aston on Trent with 100 year plus lease were in the region of £174,200. The average ground rent payable was £55 collected per annum. The lease concluded on 16 February 2076. Taking into account 51 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £31,400 and £36,200 not including costs.
In 2013 we were approached by Mr and Mrs. N Green who, having purchased a ground floor flat in Aston on Trent in November 2002. The question was if we could estimate the premium could be to extend the lease by ninety years. Comparative properties in Aston on Trent with a long lease were worth £285,000. The mid-range ground rent payable was £45 invoiced per annum. The lease lapsed on 13 October 2096. Having 71 years left we estimated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 not including costs.