As the length of the unexpired term of a Roehampton domestic lease diminished so does its value and therefore the value of your property. If the lease has, beyond 100 years to run then this decrease may be fractional however there will become a stage when a lease has fewer than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the main rational as to why you should consider extending without delay. Most flat owners in Roehampton will qualify for this right; however a lawyer can advise whether you are eligible to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the premises will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date 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 |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| 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. |
Regardless of whether you are a tenant or a landlord in Roehampton,the lease extension solicitors that we work with will always be willing 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.
Hugo was the the leasehold owner of a conversion apartment in Roehampton on the market with a lease of a few days over 61 years unexpired. Hugo on an informal basis approached his freeholder a well known Bristol-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 initially set at £100 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Hugo to invoke his statutory right. Hugo procured expert legal guidance and was able to make an informed decision and deal with the matter and readily saleable.
Mr B Young owned a newly refurbished apartment in Roehampton in July 1996. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year lease extension. Identical homes in Roehampton with a long lease were in the region of £225,800. The mid-range ground rent payable was £60 collected yearly. The lease elapsed in 2085. Having 60 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £24,700 and £28,600 plus legals.
An example of a Freehold Enfranchisement decision 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 affected 3 flats. The number of years remaining on the existing lease(s) was 66.25 years.