The closer a residential lease in Aylesford nears to zero years unexpired, the the greater the reduction in the value of the property. If the lease has, more than one hundred years to run then this decrease may be negligible that being said there will become a point in time when a lease has under than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main rational as to why you should extend the lease without delay. The majority of flat owners in Aylesford will qualify for this right; however a lawyer should be able to confirm whether you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
Leasehold premises in Aylesford with in excess of 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Coventry Building Society | |
| Leeds Building Society | |
| Skipton Building Society | |
| Yorkshire Building Society |
Using our service gives you enhanced control over the value of your Aylesford leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
In 2014 Ibrahim, came seriously near to the eighty-year mark with the lease on his two bedroom apartment in Aylesford. Having bought his flat two decades ago, the unexpired term was of minimal interest. Fortunately, he realised he would soon be paying an escalated premium for a lease extension. Ibrahim arranged for a lease extension just under the wire last August. Ibrahim and the freeholder subsequently agreed on sum of £5,500 . If he not met the deadline, the amount would have gone up by a minimum £1,025.
Last Autumn we were approach by Mrs Laura Petit , who purchased a garden apartment in Aylesford in March 2000. We are asked if we could approximate the premium would be to extend the lease by an additional years. Identical flats in Aylesford with an extended lease were worth £267,600. The average amount of ground rent was £65 billed yearly. The lease lapsed on 5 January 2093. Considering the 67 years as a residual term we estimated the compensation to the freeholder for the lease extension to be within £14,300 and £16,400 not including costs.
Mrs Jodie Lefèvre completed a studio flat in Aylesford in October 1997. We are asked if we could estimate the premium would likely be to prolong the lease by an additional years. Comparable properties in Aylesford with 100 year plus lease were worth £206,200. The average ground rent payable was £60 collected per annum. The lease expired on 26 June 2082. Taking into account 56 years outstanding we approximated the compensation to the landlord for the lease extension to be between £32,300 and £37,400 plus expenses.