Unfortunately that a Robin Hoods Bay residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the early years due to the depreciation being disguised by increases in the Robin Hoods Bay property market.Where your lease has approximately ninety years left, you should start thinking about a lease extension. If the number of years remaining drops under 80 years, you will end up paying half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property Most flat owners in Robin Hoods Bay will be able to extend under the legislation; however a lawyer will be able to confirm if you qualify for an extension. In some situations you may not be entitled. There are also strict deadlines and procedures to follow once the process is initiated and you will need to be guided by your conveyancer for the duration of the process.
Leasehold residencies in Robin Hoods Bay with more than one hundred years unexpired on the lease are often regarded as a ‘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 reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Chelsea Building Society | |
| Leeds Building Society | |
| Santander | |
| Virgin |
Regardless of whether you are a tenant or a landlord in Robin Hoods Bay,the lease extension solicitors 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 Robin Hoods Bay valuers.
Half a year ago Blake, came seriously near to the eighty-year mark with the lease on his studio flat in Robin Hoods Bay. In buying his property twenty years previously, the length of the lease was of minimal bearing. Fortunately, it dawned on him that he would imminently be paying an escalated premium for Extending the lease. Blake was able to extend his lease just under the wire in May. Blake and the freeholder ultimately settled on the final figure of £5,000 . If the lease had fallen lower than eighty years, the sum would have increased by at least £1,075.
In 2012 we were approached by Mr and Mrs. L Girard who, having moved into a basement apartment in Robin Hoods Bay in September 1999. We are asked if we could approximate the premium would be to prolong the lease by an additional years. Comparable premises in Robin Hoods Bay with an extended lease were valued around £205,000. The mid-range ground rent payable was £50 billed yearly. The lease ended on 16 September 2105. Having 79 years remaining we estimated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 plus professional charges.
Mr and Mrs. G Lee bought a ground floor flat in Robin Hoods Bay in May 2008. The dilemma was if we could approximate the price would be for a ninety year extension to my lease. Similar flats in Robin Hoods Bay with a long lease were valued around £275,000. The mid-range ground rent payable was £65 invoiced yearly. The lease terminated in 2094. Considering the 68 years outstanding we calculated the premium to the freeholder to extend the lease to be between £13,300 and £15,400 plus fees.