When it comes to residential leasehold property in Roehampton, you are actually buying a right to live in a property for a prescribed time frame. Modern flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you should consider a lease extension sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly especially when there are fewer than eighty years left. Residents in Roehampton with a lease approaching 81 years left should seriously think of extending it sooner as opposed to later. When a lease has below eighty years left, under the current legislation the freeholder can calculate and charge a larger premium, based on a technical calculation, strangely termed as “marriage value” which is due.
Leasehold properties in Roehampton with more than one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset 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 |
| 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. |
Irrespective of whether you are a tenant or a freeholder in Roehampton,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Roehampton valuers.
In the wake of eight months of protracted negotiations with the freeholder of her first floor apartment in Roehampton, Alisha initiated the lease extension process just as the lease was approaching the critical 80-year mark. The transaction was finalised in September 2015. The freeholder’s charges were kept to an absolute minimum.
In 2010 we were contacted by Mr L González who, having took over the lease of a one bedroom flat in Roehampton in October 2006. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be to extend the lease by 90 years. Comparable properties in Roehampton with 100 year plus lease were valued about £290,000. The mid-range ground rent payable was £45 collected quarterly. The lease concluded on 3 August 2098. Having 72 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £11,400 and £13,200 plus expenses.
An example of a Freehold Enfranchisement decision for a Roehampton property 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 affected 3 flats. The unexpired term was 66.25 years.