Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will usually be granted for a prescribed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Alfriston. Clearly, the length of lease left reduces as time goes by. This may slip by relatively unnoticed when the residence needs to be sold or re-mortgaged. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease. Qualifying long lease owners in Alfriston have the right to extend the lease for a further 90 years in accordance with Leasehold Reform legislation. You should give due attention before putting off your Alfriston lease extension. Putting off the cost now likely increases the price you will eventually incur to extend your lease
It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
Lease extensions in Alfriston can be a difficult process. We recommend you procure professional help from a conveyancer 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 a wealth of experience dealing with Alfriston lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last Summer Felix, came critically close to the 80-year mark with the lease on his two bedroom apartment in Alfriston. Having bought his property two decades ago, the unexpired term was of no relevance. Luckily, he noticed he would soon be paying way over the odds for a lease extension. Felix extended the lease just ahead of time in January. Felix and the landlord in the end settled on sum of £6,000 . If he failed to meet the deadline, the figure would have increased by at least £1,000.
In 2012 we were approached by Mr Jason Moore who, having bought a studio apartment in Alfriston in October 2012. The question was if we could approximate the price could be to prolong the lease by an additional years. Identical flats in Alfriston with a long lease were valued around £191,400. The average amount of ground rent was £55 billed every twelve months. The lease expired in 2080. Considering the 54 years left we approximated the compensation to the landlord for the lease extension to be between £34,200 and £39,600 plus expenses.
Last month we were called by Dr David Young , who was assigned a lease of a garden flat in Alfriston in April 1995. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by ninety years. Comparable premises in Alfriston with an extended lease were worth £295,000. The mid-range ground rent payable was £45 collected annually. The lease finished on 4 November 2100. Having 74 years unexpired we estimated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 not including costs.