The nearer a residential lease in Robin Hoods Bay nears to zero years unexpired, the the greater the reduction in the value of the property. If the lease has, in excess of one hundred years remaining then this decrease may be of little impact nevertheless there will become a point in time when a lease has under than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary logic behind why you should consider extending sooner as opposed to later. Many flat owners in Robin Hoods Bay will meet the qualifying criteria; nevertheless a conveyancer should be able to advise whether you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.
It is generally accepted that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Leeds Building Society | |
| National Westminster Bank | |
| Skipton Building Society | |
| TSB | |
| Virgin |
Lease extensions in Robin Hoods Bay can be a difficult process. We recommend you obtain guidance from a lawyer and valuer with experience in this area.
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 Robin Hoods Bay lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing unsuccessful correspondence with the landlord of her basement apartment in Robin Hoods Bay, Abigail commenced the lease extension process as the 80 year threshold was rapidly approaching. The lease extension completed in April 2010. The freeholder’s charges were kept to an absolute minimum.
Last month we were approach by Dr M Murphy , who bought a purpose-built flat in Robin Hoods Bay in May 2010. The dilemma was if we could shed any light on how much (approximately) premium would likely be for a 90 year extension to my lease. Similar premises in Robin Hoods Bay with an extended lease were worth £267,600. The mid-range amount of ground rent was £65 billed yearly. The lease terminated on 25 April 2093. Given that there were 67 years outstanding we approximated the premium to the freeholder to extend the lease to be within £14,300 and £16,400 not including expenses.
Last Spring we were phoned by Ms B Anderson , who bought a one bedroom apartment in Robin Hoods Bay in April 2010. The dilemma was if we could estimate the compensation to the landlord would be for a ninety year lease extension. Identical residencies in Robin Hoods Bay with a long lease were in the region of £201,200. The average ground rent payable was £55 invoiced every twelve months. The lease lapsed on 24 September 2082. Given that there were 56 years left we calculated the compensation to the landlord for the lease extension to be between £31,400 and £36,200 plus fees.