Top reasons for Alfriston lease extension

Top reasons for lease extension now:

A Alfriston leasehold property depreciates with the years remaining on the lease.

Alfriston residential property owned on a long lease is a wasting asset because a leaseholder merely owns the property for a set term.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Lending institutions may not loan monies on a short lease

Mortgage companies are really restricting their approach as regards to homes in Alfriston with short leases. For instance you may find that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so where you needed to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus limiting your market.

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

Engaging 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 are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Alfriston Lease Extension Example Cases:

Jodie, Alfriston, East Sussex,

Trailing protracted discussions with the landlord of her garden apartment in Alfriston, Jodie initiated the lease extension process just as her lease was approaching the all-important eighty-year mark. The legal work was finalised in October 2008. The freeholder’s charges were restricted to less than 700 pounds.

Alfriston case:

In 2009 we were contacted by Mr Alfie Thomas who, having took over the lease of a one bedroom flat in Alfriston in January 2005. We are asked if we could approximate the compensation to the landlord would be for a 90 year lease extension. Identical properties in Alfriston with a long lease were valued about £240,600. The average amount of ground rent was £60 billed annually. The lease expired on 3 May 2088. Having 62 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £21,900 and £25,200 plus costs.

Alfriston case:

Last month we were contacted by Dr R King , who moved into a ground floor flat in Alfriston in February 2006. The question was if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Comparable properties in Alfriston with 100 year plus lease were valued about £174,200. The mid-range amount of ground rent was £55 collected monthly. The lease finished on 15 September 2077. Considering the 51 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £31,400 and £36,200 plus expenses.