As the length of the unexpired term of a Roehampton domestic lease decreases so does its value and therefore the value of your property. Where the residual term has, over 99 years to run then this decrease may be negligible nevertheless there will become a stage when a lease has less than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main logic behind why you should extend the lease sooner than later. Most flat owners in Roehampton will qualify for this right; nevertheless a lawyer can advise whether you are eligible for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
Leasehold properties in Roehampton with more than one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Barnsley Building Society | |
| Coventry Building Society | |
| National Westminster Bank |
Engaging our service will provide you better control over the value of your Roehampton leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Noah was the the leasehold proprietor of a high value flat in Roehampton on the market with a lease of a few days over 59 years unexpired. Noah on an informal basis spoke with his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Noah to exercise his statutory right. Noah procured expert advice and secured satisfactory deal informally and ending up with a market value flat.
In 2010 we were approached by Dr R Sharif who, having acquired a garden apartment in Roehampton in November 2007. We are asked if we could shed any light on how much (roughly) price would be to extend the lease by ninety years. Similar homes in Roehampton with an extended lease were in the region of £216,000. The average ground rent payable was £60 billed every twelve months. The lease expired on 27 March 2084. Considering the 58 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £28,500 and £33,000 not including expenses.
An example of a Freehold Enfranchisement matter before the tribunal 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 remaining number of years on the lease was 66.25 years.