It’s a harsh truth that a Alfriston residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the first few years due to the deflation being disguised by increases in the Alfriston property prices.Once your lease nears 85ish years, you need to start considering a lease extension. If the number of years remaining dips under 80 years, you will end up paying 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property The majority of flat owners in Alfriston will be able to extend under the legislation; however a conveyancing solicitor should be able to clarify if you are eligibility. In some cases you may not be entitled. There are also strict timeframes and procedures to follow once the process has commenced and you will need to be guided by your lawyer from beginning to end of the formalities.
Leasehold premises in Alfriston with in excess of one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| National Westminster Bank | |
| TSB | |
| The Mortgage Works | |
| Virgin |
Using our service gives you enhanced control over the value of your Alfriston leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Off the back of lengthy negotiations with the freeholder of her first floor flat in Alfriston, Natasha started the lease extension process as the eighty year mark was quickly approaching. The lease extension was finalised in August 2005. The freeholder’s costs were restricted to about 700 GBP.
Mrs J Nelson acquired a recently refurbished flat in Alfriston in June 2005. We are asked if we could approximate the price could be to extend the lease by an additional years. Comparable homes in Alfriston with 100 year plus lease were in the region of £280,000. The mid-range amount of ground rent was £45 invoiced monthly. The lease elapsed on 2 June 2096. Given that there were 70 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 plus expenses.
In 2010 we were approached by Mr and Mrs. I Thomas who, having was assigned a lease of a ground floor apartment in Alfriston in July 1999. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year extension to my lease. Identical flats in Alfriston with a long lease were valued about £223,400. The mid-range amount of ground rent was £60 collected per annum. The lease expired in 2085. Considering the 59 years remaining we approximated the premium to the freeholder for the lease extension to be between £27,600 and £31,800 plus costs.