Aston leases on domestic properties are gradually losing value. Where your lease has approximately 90 years unexpired, you should start considering the need for a lease extension. An important point to note is that it is desirable for a lease extension to be in place before the term of the current lease falls under 80 years - otherwise a higher amount will be payable. Flat owners in Aston will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancing solicitor to confirm your eligibility. In some cases you may not be entitled. There are also strict timetables and formalities to comply with once the process has started so it’s prudent to be guided by a conveyancing solicitor during the process.
It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| Halifax | |
| Nationwide Building Society | |
| Skipton Building Society | |
| Virgin |
Irrespective of whether you are a tenant or a freeholder in Aston,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 experience and the close ties they enjoy with Aston valuers.
Trailing unsuccessful discussions with the freeholder of her garden flat in Aston, Isabella started the lease extension process as the 80 year threshold was rapidly coming. The lease extension was finalised in January 2009. The freeholder’s fees were kept to an absolute minimum.
In 2011 we were e-mailed by Mr T Bonnet who, having completed a ground floor apartment in Aston in November 2012. We are asked if we could estimate the premium could be for a ninety year extension to my lease. Comparable premises in Aston with a long lease were valued around £255,000. The mid-range ground rent payable was £50 invoiced per annum. The lease ended on 1 November 2097. Considering the 71 years left we estimated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 not including professional charges.
Last Christmas we were called by Mr Jacob Roberts , who bought a garden flat in Aston in May 1997. We are asked if we could shed any light on how much (approximately) price would likely be for a ninety year lease extension. Similar properties in Aston with a long lease were in the region of £246,800. The mid-range amount of ground rent was £60 collected yearly. The lease lapsed in 2076. Given that there were 50 years remaining we estimated the premium to the landlord to extend the lease to be within £44,700 and £51,600 exclusive of costs.