For anyone whose Roehampton property is held on a long lease, our message is clear – if no remedial action is taken, the property will ultimately revert to your landlord, leaving you empty-handed. The shorter the lease the less it is worth and the more it will cost to extend the lease.
It is generally accepted that a residential leasehold with over 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years left, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| 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 solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Roehampton valuers.
In 2014 Evan, came very near to the 80-year threshold with the lease on his ground floor apartment in Roehampton. Having bought his property two decades ago, the unexpired term was of minimal relevance. As luck would have it, he became aware that he needed to take steps soon on Extending the lease. Evan extended the lease at the eleventh hour last January. Evan and the landlord who owned the flat above in the end agreed on an amount of £5,500 . If he had missed the deadline, the figure would have escalated by at least £1,150.
Mr and Mrs. D Clarke took over the lease of a first floor flat in Roehampton in April 2000. We are asked if we could approximate the price could be to extend the lease by ninety years. Similar homes in Roehampton with an extended lease were worth £181,600. The average amount of ground rent was £55 collected per annum. The lease came to a finish on 28 August 2077. Considering the 52 years unexpired we calculated the premium to the landlord to extend the lease to be between £30,400 and £35,200 not including expenses.
An example of a Freehold Enfranchisement decision for a Roehampton flat 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 remaining number of years on the lease was 66.25 years.