The only way is down when it comes to Alfriston lease terms. Alfriston properties that have a lease term less than than eighty years will reduce in market price even faster, and the cost of extending your lease will rise.
It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
Lease extensions in Alfriston can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this area.
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 procuring Alfriston lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Dylan owned a conversion flat in Alfriston being marketed with a lease of just over fifty eight years unexpired. Dylan on an informal basis spoke with his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent to start with set at £150 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Dylan to exercise his statutory right. Dylan procured expert advice and was able to make an informed decision and handle with the matter and readily saleable.
Last year we were e-mailed by Mr and Mrs. K García , who acquired a recently refurbished apartment in Alfriston in March 2004. We are asked if we could approximate the compensation to the landlord could be to extend the lease by a further 90 years. Identical residencies in Alfriston with 100 year plus lease were worth £216,000. The average amount of ground rent was £60 billed per annum. The lease expired in 2084. Considering the 58 years left we estimated the premium to the landlord for the lease extension to be between £28,500 and £33,000 not including costs.
In 2009 we were approached by Ms H Collins who, having owned a one bedroom flat in Alfriston in January 2001. We are asked if we could shed any light on how much (roughly) price would likely be to extend the lease by 90 years. Comparative premises in Alfriston with an extended lease were valued around £205,000. The mid-range ground rent payable was £50 collected monthly. The lease ran out in 2104. Considering the 78 years unexpired we approximated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of legals.