As the length of the unexpired term of a Rochford residential lease lessens so does its value and therefore the value of your property. If the residual term has, in excess of 100 years remaining then this decrease may be fractional nevertheless there will become a point in time when a lease has less than 80 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 reason why you should consider extending sooner rather than later. Most flat owners in Rochford will meet the qualifying criteria; nevertheless a conveyancing solicitor can confirm if you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
Leasehold premises in Rochford with in excess of one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Chelsea Building Society | |
| Godiva Mortgages | |
| Halifax | |
| Nationwide Building Society |
Lease extensions in Rochford can be a difficult process. We recommend you get guidance 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 Rochford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to unsuccessful discussions with the freeholder of her first floor flat in Rochford, Rebecca initiated the lease extension process as the eighty year mark was quickly coming. The legal work completed in February 2015. The landlord’s fees were restricted to a tad over 500 GBP.
In 2012 we were contacted by Mr and Mrs. S Ramírez who, having moved into a basement flat in Rochford in February 2008. We are asked if we could approximate the premium would be for a ninety year extension to my lease. Similar homes in Rochford with 100 year plus lease were worth £260,000. The average amount of ground rent was £50 billed every twelve months. The lease expiry date was on 13 January 2099. Having 73 years left we approximated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 plus costs.
Mr and Mrs. F Phillips owned a garden apartment in Rochford in June 2003. The dilemma was if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Comparable homes in Rochford with a long lease were in the region of £264,000. The mid-range amount of ground rent was £60 billed monthly. The lease expired on 18 March 2079. Considering the 53 years outstanding we approximated the compensation to the landlord to extend the lease to be within £37,100 and £42,800 plus fees.