Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will usually be granted for a prescribed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Robertsbridge. Inevitably, the period of lease left reduces over time. This is often ignored and only becomes a problem when the flat or house needs to be disposed of or refinanced. The shorter the lease the lower the value of the property and the more expensive it will be to procure a lease extension. Eligible long lease owners in Robertsbridge have the legal entitlement to extend the lease for a further ninety years in accordance with the 1993 Leasehold Reform Act. You should give due deliberation before delaying your Robertsbridge lease extension. Putting off the cost now likely increases the price you will ultimately have to pay to extend your lease
Leasehold premises in Robertsbridge with more than 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start 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 |
Lease extensions in Robertsbridge can be a difficult process. We recommend you procure professional help from a conveyancer and valuer well versed in the legislation and lease extension process.
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 a wealth of experience dealing with Robertsbridge lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Zachary was the the leasehold owner of a 2 bedroom flat in Robertsbridge on the market with a lease of just over 72 years remaining. Zachary informally contacted his freeholder a well known London-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £100 yearly. Ordinarily, ground rent would not be due on a lease extension were Zachary to exercise his statutory right. Zachary obtained expert advice and secured satisfactory deal informally and sell the property.
Mr and Mrs. L Lefèvre acquired a first floor apartment in Robertsbridge in January 2009. The dilemma was if we could estimate the premium would likely be for a 90 year extension to my lease. Comparable flats in Robertsbridge with 100 year plus lease were worth £255,000. The average ground rent payable was £50 collected per annum. The lease ran out on 13 October 2096. Given that there were 71 years as a residual term we approximated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including legals.
In 2009 we were contacted by Ms Isabelle Young who, having bought a purpose-built flat in Robertsbridge in October 1997. The question was if we could shed any light on how much (roughly) price would be to prolong the lease by ninety years. Comparable premises in Robertsbridge with a long lease were worth £254,200. The average ground rent payable was £60 billed per annum. The lease elapsed in 2076. Having 51 years as a residual term we approximated the premium to the landlord to extend the lease to be within £43,700 and £50,600 plus professional charges.