Unfortunately that a Roehampton residential lease is a wasting asset. As the lease term diminishes so does the value of the property. The extent of this is taken for granted in the early years due to the loss of value being disguised by increases in the Roehampton property prices.Once your lease nears 85ish years, you should start thinking about a lease extension. If lease term slips below eighty years, you will then be required to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property The majority of leasehold owners in Roehampton will be able to extend under the legislation; however a lawyer should be able to clarify if you are eligibility. In some situations you may not be entitled. There are also strict deadlines and procedures to follow once the process has commenced and you will need to be guided by your conveyancing solicitor throughout the formalities.
Leasehold residencies in Roehampton with over one hundred years remaining 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 premises. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Santander | If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest. You must report the unexpired lease term to us and await our instructions if:
|
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Irrespective of whether you are a tenant or a landlord in Roehampton,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Roehampton valuers.
Following protracted discussions with the landlord of her basement flat in Roehampton, Hannah started the lease extension process as the eighty year mark was fast coming. The legal work was finalised in January 2015. The landlord’s charges were kept to an absolute minimum.
In 2013 we were contacted by Dr Phoebe González who, having purchased a ground floor flat in Roehampton in February 2012. We are asked if we could shed any light on how much (roughly) price would likely be to prolong the lease by a further 90 years. Comparative properties in Roehampton with 100 year plus lease were in the region of £295,000. The average amount of ground rent was £45 invoiced quarterly. The lease came to a finish on 16 March 2100. Taking into account 74 years left we estimated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 not including expenses.
An example of a Freehold Enfranchisement case for a Roehampton residence is 19 St. Margarets Crescent in August 2010. the tribunal was of the view that the premium to be paid by the leaseholder for the freehold reversion was £51,983.00 This case was in relation to 3 flats. The unexpired residue of the current lease was 66.25 years.