Aston on Trent Lease Extension - Free Consultation

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Main reasons to commence your Aston on Trent lease extension

Main reasons to commence your Aston on Trent lease extension today:

A Aston on Trent leasehold property depreciates with the years remaining on the lease.

On the balance of probabilities if you own a flat in Aston on Trent you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with more than 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 45 years remaining, the property will be worth the same as a freehold for many years ahead.

Banks and Building Societies may decide not to grant a mortgage on a short lease

The propensity since the credit crunch has been for banks to tighten lending requirements across the board - this has extended to the types of security over which the mortgage is to be granted. This has meant the unexpired lease term required by mortgage companies has increased. In the past lenders were content with 25 years plus the term of the loan - routinely fifty year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many now have a minimum term of 75 years as a prerequisite.

Lender Requirement
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must also be not less than 75 years 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
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

What makes us experts in Aston on Trent lease extensions?

Irrespective of whether you are a tenant or a landlord in Aston on Trent,the lease extension lawyers 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 Aston on Trent valuers.

Aston on Trent Lease Extension Example Cases:

Caleb, Aston on Trent, Derbyshire,

Caleb was the the leasehold owner of a high value apartment in Aston on Trent being marketed with a lease of fraction over sixty years left. Caleb on an informal basis spoke with his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £125 annually. No ground rent would be payable on a lease extension were Caleb to invoke his statutory right. Caleb procured expert advice and secured an acceptable deal without resorting to tribunal and sell the property.

Aston on Trent case:

In 2012 we were called by Mrs Bethany Jackson who, having moved into a studio apartment in Aston on Trent in January 1996. The dilemma was if we could shed any light on how much (roughly) price could be to prolong the lease by an additional years. Similar homes in Aston on Trent with an extended lease were valued about £198,800. The average amount of ground rent was £55 collected annually. The lease elapsed on 26 June 2080. Having 55 years remaining we approximated the compensation to the landlord for the lease extension to be between £33,300 and £38,400 not including professional charges.

Aston on Trent case:

In 2011 we were e-mailed by Mr and Mrs. M Ali who, having purchased a garden flat in Aston on Trent in May 2007. The question was if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year lease extension. Comparable premises in Aston on Trent with an extended lease were in the region of £295,000. The mid-range ground rent payable was £50 billed annually. The lease end date was on 2 August 2100. Given that there were 75 years left we approximated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 plus professional charges.