Why you should start your Alsager lease extension

Main reasons to commence your Alsager lease extension today:

Increase your lease and increase your Alsager property value

The value of Alsager leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase significantly once the remaining term is below than eighty years

An extended lease is almost the same value as a freehold

Leasehold premises in Alsager with over 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Banks and Building Societies will not lend on a short lease

Banks and building societies do not lend on short residential leases. You most probably encounter problems if you want to sell your flat in Alsager if the unexpired term of your lease is below the criteria set by the majority of banks and building societies. Different mortgage companies have different requirements but in the main they are looking for a minimum remaining lease term of 65 years.

Why use us for your lease extension in Alsager?

Irrespective of whether you are a tenant or a freeholder in Alsager,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Alsager valuers.

Alsager Lease Extension Case Summaries:

Isabella, Alsager, Cheshire,

Off the back of protracted discussions with the landlord of her two bedroom flat in Alsager, Isabella commenced the lease extension process as the eighty year threshold was swiftly nearing. The lease extension completed in July 2012. The landlord’s fees were negotiated to under 500 GBP.

Alsager case:

Last year we were called by Mr Harvey González , who owned a garden apartment in Alsager in May 2005. The question was if we could estimate the compensation to the landlord would likely be to prolong the lease by an additional years. Identical homes in Alsager with an extended lease were valued about £280,000. The mid-range amount of ground rent was £45 collected annually. The lease concluded in 2097. Considering the 71 years outstanding we approximated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 plus fees.

Alsager case:

Last Winter we were contacted by Mr Jamie Pérez , who acquired a basement flat in Alsager in September 2010. We are asked if we could approximate the compensation to the landlord could be to extend the lease by 90 years. Identical premises in Alsager with an extended lease were in the region of £225,800. The mid-range amount of ground rent was £60 collected yearly. The lease termination date was on 6 August 2086. Taking into account 60 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £25,700 and £29,600 not including costs.