It’s a harsh truth that a Rochford residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the early years due to the depreciation being disguised by increases in the Rochford property prices.Where your lease has approximately ninety years left, you should start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips lower than eighty years - otherwise a higher amount will be payable. Most flat owners in Rochford will be able to extend under the legislation; however a conveyancing solicitor should be able to confirm if you are eligibility. In some situations you may not qualify. There are also strict timeframes and procedures to follow once the process has commenced and you will need to be guided by your lawyer from beginning to end of the process.
Leasehold premises in Rochford with over one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Birmingham Midshires | |
| Leeds Building Society | |
| Santander | |
| Royal Bank of Scotland |
Lease extensions in Rochford can be a difficult process. We recommend you obtain guidance from a conveyancer and surveyor 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 in-depth market knowledge procuring Rochford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Jonathan was the the leasehold owner of a 2 bedroom flat in Rochford on the market with a lease of a little over 59 years remaining. Jonathan informally spoke with his landlord a well known Bristol-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £125 yearly. No ground rent would be due on a lease extension were Jonathan to exercise his statutory right. Jonathan procured expert legal guidance and was able to make a more informed decision and deal with the matter and sell the property.
In 2010 we were called by Ms K Howard who, having took over the lease of a first floor flat in Rochford in April 2010. We are asked if we could shed any light on how much (roughly) premium would be to extend the lease by 90 years. Similar properties in Rochford with an extended lease were in the region of £246,800. The mid-range ground rent payable was £60 collected quarterly. The lease ended in 2076. Having 50 years unexpired we estimated the compensation to the landlord for the lease extension to be within £44,700 and £51,600 not including fees.
In 2010 we were contacted by Mrs K Carter who, having moved into a recently refurbished apartment in Rochford in May 1996. We are asked if we could estimate the price would be for a 90 year lease extension. Comparative residencies in Rochford with 100 year plus lease were in the region of £203,200. The mid-range ground rent payable was £65 collected every twelve months. The lease finished on 6 January 2087. Taking into account 61 years outstanding we calculated the compensation to the landlord to extend the lease to be between £19,000 and £22,000 not including legals.