Why you should commence your Robertsbridge lease extension

Why you should start your Robertsbridge lease extension today:

A Robertsbridge lease depreciates with the years remaining on the lease.

The basic rule is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Robertsbridge have the legal entitlement to extend the lease for an additional 90 years in accordance with Leasehold Reform legislation. Do give careful consideration before delaying your Robertsbridge lease extension. Postponing the costs today simply escalates the price you will eventually have to pay to extend the lease.

An extended lease has roughly the same value as a freehold

It is generally considered that a property with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies will not issue a mortgage on a short lease

Mortgage companies are really restricting their approach as regards to properties in Robertsbridge with short leases. For instance you may find that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you wanted to sell, your only options would be to find a cash purchaser, or hope for the best at auction thus restricting your market.

Get in touch with one of our Robertsbridge lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a freeholder in Robertsbridge,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Robertsbridge valuers.

Robertsbridge Lease Extension Case Summaries:

Andrew, Robertsbridge, East Sussex,

Andrew was the the leasehold owner of a conversion apartment in Robertsbridge on the market with a lease of fraction over 61 years outstanding. Andrew informally contacted his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to grant 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 twenty five years thereafter. No ground rent would be due on a lease extension were Andrew to invoke his statutory right. Andrew procured expert legal guidance and was able to make a more informed judgement and handle with the matter and readily saleable.

Robertsbridge case:

Last Autumn we were phoned by Mr Seth Williams , who took over the lease of a one bedroom apartment in Robertsbridge in June 2007. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by a further 90 years. Comparable properties in Robertsbridge with an extended lease were worth £183,600. The average amount of ground rent was £65 collected per annum. The lease ran out in 2083. Having 57 years unexpired we approximated the compensation to the landlord for the lease extension to be within £28,500 and £33,000 plus professional charges.

Robertsbridge case:

Mr and Mrs. R Flores owned a purpose-built flat in Robertsbridge in May 2004. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year lease extension. Identical properties in Robertsbridge with a long lease were valued around £245,000. The average ground rent payable was £45 billed every twelve months. The lease terminated in 2094. Considering the 68 years as a residual term we calculated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 plus professional charges.