Main reasons to start your Aylestone lease extension

Why you should commence your Aylestone lease extension today:

A Aylestone lease depreciates with the years remaining on the lease.

The market value of Aylestone leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate materialy once the remaining term is less than eighty years

Aylestone property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Aylestone with over one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Banks and Building Societies will not finance a property on a short lease

Mortgage companies are making their criteria more stringent and a meaningful number now require flats to have at least sixty if not seventy years remaining once the mortgage has expired. Given that plenty of flats in Aylestone were created in the 1950s, 1960s and 1970s this means many now require lease extensions if they if they are to be mortgageable.

Get in touch with one of our Aylestone lease extension solicitors or enfranchisement solicitors

Using our service gives you increased control over the value of your Aylestone leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Aylestone Lease Extension Case Summaries:

Arthur, Aylestone, Leicestershire

During the course of the last few months Arthur, came very near to the 80-year mark with the lease on his one bedroom apartment in Aylestone. Having bought his property two decades ago, the length of the lease was of minimal significance. by good luck, he recognised he would soon be paying an inflated amount for a lease extension. Arthur extended the lease at the eleventh hour last July. Arthur and the landlord who owned the flat above eventually settled on a premium of £5,500 . If the lease had dipped lower than 80 years, the premium would have become more costly by a minimum £950.

Aylestone case:

In 2010 we were called by Mr and Mrs. C Gunderson who, having completed a basement apartment in Aylestone in August 2009. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by ninety years. Similar residencies in Aylestone with a long lease were valued about £208,200. The average ground rent payable was £65 billed annually. The lease came to a finish in 2087. Given that there were 61 years unexpired we estimated the compensation to the landlord to extend the lease to be within £20,000 and £23,000 not including legals.

Aylestone case:

Last Christmas we were contacted by Dr Isabel Flores , who took over the lease of a newly refurbished flat in Aylestone in July 2001. The dilemma was if we could shed any light on how much (approximately) price would likely be to extend the lease by an additional years. Comparative homes in Aylestone with 100 year plus lease were worth £260,000. The average amount of ground rent was £50 billed per annum. The lease expired on 10 August 2098. Considering the 72 years outstanding we estimated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus expenses.