There is no doubt about it a leasehold flat or house in St Albans is a wasting asset as a result of the diminishing lease term. If the lease has, over 99 years to run then this decrease may be of little impact nevertheless there will become a point in time when a lease has under than 80 years left as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the main rational as to why you should extend the lease sooner rather than later. Many flat owners in St Albans will meet the qualifying criteria; however a conveyancing solicitor can confirm if you qualify to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold properties in St Albans with over 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Yorkshire Building Society |
Lease extensions in St Albans can be a difficult process. We recommend you obtain 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 in-depth market knowledge procuring St Albans lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Blake was the the leasehold owner of a high value flat in St Albans on the market with a lease of a little over sixty years unexpired. Blake informally spoke with his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £200 annually. No ground rent would be due on a lease extension were Blake to invoke his statutory right. Blake obtained expert legal guidance and secured an acceptable resolution without going to tribunal and sell the property.
In 2014 we were approached by Dr Henry Bertrand who, having completed a basement flat in St Albans in May 2003. The question was if we could approximate the compensation to the landlord would likely be to extend the lease by a further 90 years. Comparative premises in St Albans with an extended lease were valued around £300,000. The mid-range amount of ground rent was £50 collected per annum. The lease came to a finish on 27 March 2102. Given that there were 76 years unexpired we calculated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 exclusive of expenses.
Mr and Mrs. F Roux purchased a studio flat in St Albans in March 2008. The dilemma was if we could approximate the premium would be for a ninety year extension to my lease. Similar homes in St Albans with 100 year plus lease were worth £257,800. The average amount of ground rent was £65 collected yearly. The lease expired on 9 July 2091. Given that there were 65 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £18,100 and £20,800 exclusive of expenses.