Alperton leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Most owners of residential leasehold property in Alperton enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Alperton you should see if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under 80 years, the compensation to the landlord for any lease extension increases dramatically as an element of the premium you pay is what is known as a marriage value
Leasehold properties in Alperton with more than 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Yorkshire 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. |
Lease extensions in Alperton can be a difficult process. We recommend you procure professional help from a conveyancer and valuer 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 procuring Alperton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Alexander was the the leasehold proprietor of a conversion flat in Alperton being sold with a lease of just over fifty eight years unexpired. Alexander on an informal basis contacted his freeholder being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent to start with set at £100 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Alexander to exercise his statutory right. Alexander obtained expert advice and secured satisfactory resolution informally and readily saleable.
Last Spring we were contacted by Dr A Walker , who bought a garden flat in Alperton in January 2000. The question was if we could estimate the premium would be for a 90 year lease extension. Comparative residencies in Alperton with 100 year plus lease were worth £223,400. The mid-range amount of ground rent was £60 billed every twelve months. The lease lapsed in 2084. Given that there were 59 years outstanding we calculated the premium to the freeholder to extend the lease to be between £27,600 and £31,800 exclusive of expenses.
An example of a Lease Extension case for a Alperton property is 99 Connell Crescent in May 2013. the Tribunal held that the relevant sum for the purposes of the lease extension should be £72,566 to be paid by the leaseholder This case affected 1 flat. The unexpired residue of the current lease was 28.42 years.