The rule of thumb is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Rochford can extend the lease for a further 90 years in accordance with legislation. Do give careful consideration before delaying your Rochford lease extension. Putting off that expense today simply escalates the price you will ultimately have to pay for a lease extension.
Leasehold premises in Rochford with in excess of 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Santander | |
| Royal Bank of Scotland |
Using our service will provide you better control over the value of your Rochford leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Off the back of lengthy discussions with the landlord of her garden apartment in Rochford, Emma started the lease extension process as the eighty year mark was quickly coming. The transaction was finalised in October 2008. The freeholder’s costs were restricted to less than five hundred GBP.
Last November we were called by Mrs U Ward , who bought a studio flat in Rochford in February 2012. We are asked if we could estimate the compensation to the landlord could be to extend the lease by an additional years. Comparable homes in Rochford with 100 year plus lease were worth £166,400. The average ground rent payable was £60 billed annually. The lease concluded on 20 April 2080. Having 54 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £32,300 and £37,400 plus fees.
Mr Zachary Roberts completed a ground floor flat in Rochford in May 2001. We are asked if we could approximate the price would likely be for a 90 year extension to my lease. Identical properties in Rochford with a long lease were in the region of £227,800. The mid-range ground rent payable was £45 collected quarterly. The lease elapsed in 2091. Taking into account 65 years as a residual term we estimated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 exclusive of professional charges.