Why you should commence your Rochester lease extension

Main reasons to commence your Rochester lease extension today:

Increase your lease and increase your Rochester property value

On the balance of probabilities if you own a flat in Rochester you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Lending institutions may not finance a property with a short lease

Many mortgage lenders insist on a lengthy amount of time left on any leasehold property before they will consider it as adequate security. Even if you don't require a mortgage, you should be mindful that it is probable that someone intending to acquire your property in the future might well do, so if they are not able to secure a mortgage, then the market price of your property will likely suffer. In the last decade many mortgage lenders have increased the required minimum lease length that they are prepared to accept

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

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

Rochester Lease Extension Case Summaries:

Jonathan, Rochester, Kent,

Jonathan owned a conversion apartment in Rochester on the market with a lease of fraction over 61 years unexpired. Jonathan on an informal basis approached his freeholder being a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent at the outset set at £150 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Jonathan to exercise his statutory right. Jonathan procured expert advice and secured satisfactory resolution without resorting to tribunal and ending up with a market value flat.

Rochester case:

Last month we were called by Mr and Mrs. S Gray , who acquired a one bedroom apartment in Rochester in January 2000. We are asked if we could shed any light on how much (approximately) premium would likely be for a 90 year extension to my lease. Comparative properties in Rochester with an extended lease were worth £280,000. The average amount of ground rent was £45 collected yearly. The lease concluded in 2095. Taking into account 69 years left we estimated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 plus costs.

Rochester case:

In 2012 we were contacted by Mr and Mrs. W Roux who, having was assigned a lease of a one bedroom flat in Rochester in March 1997. We are asked if we could approximate the price could be to prolong the lease by a further 90 years. Similar flats in Rochester with an extended lease were in the region of £216,000. The average ground rent payable was £60 invoiced yearly. The lease expiry date was on 16 June 2084. Given that there were 58 years outstanding we calculated the compensation to the landlord for the lease extension to be within £28,500 and £33,000 plus fees.