The only way is down when it comes to Robertsbridge lease terms. Robertsbridge flats that have a residual term lower than 80 years will reduce in value even faster, and the cost to extend your lease will increase.
Leasehold residencies in Robertsbridge with over 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| 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. |
Lease extensions in Robertsbridge can be a difficult process. We recommend you get guidance from a conveyancing solicitor and surveyor with experience in lease extensions.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Robertsbridge lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of eight months of protracted discussions with the landlord of her one bedroom flat in Robertsbridge, Samantha initiated the lease extension process just as the lease was approaching the crucial 80-year mark. The transaction was finalised in November 2007. The freeholder’s charges were restricted to about 700 pounds.
Last Winter we were phoned by Mr and Mrs. U Richardson , who completed a newly refurbished flat in Robertsbridge in October 2012. We are asked if we could approximate the price would likely be to extend the lease by a further 90 years. Identical flats in Robertsbridge with 100 year plus lease were valued around £256,600. The average amount of ground rent was £60 collected quarterly. The lease concluded in 2077. Given that there were 52 years as a residual term we approximated the compensation to the freeholder to extend the lease to be between £39,000 and £45,000 exclusive of costs.
In 2011 we were phoned by Mr and Mrs. N White who, having moved into a one bedroom apartment in Robertsbridge in March 1995. We are asked if we could shed any light on how much (approximately) price could be to prolong the lease by ninety years. Comparable premises in Robertsbridge with an extended lease were valued around £218,000. The average amount of ground rent was £45 billed per annum. The lease end date was on 8 February 2088. Taking into account 63 years remaining we calculated the premium to the freeholder for the lease extension to be between £17,100 and £19,800 not including fees.