The only way is down when it comes to Roehampton lease terms. Roehampton leaseholds that have a lease term less than than 80 years will drop in market price at a rapid rate, and the cost to extend your lease will go up.
It is generally considered that a residential leasehold with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Santander | If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest. You must report the unexpired lease term to us and await our instructions if:
|
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Irrespective of whether you are a tenant or a freeholder in Roehampton,the lease extension solicitors 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 Roehampton valuers.
Jamie was the the leasehold proprietor of a conversion apartment in Roehampton on the market with a lease of just over sixty years left. Jamie on an informal basis approached his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £200 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Jamie to invoke his statutory right. Jamie procured expert legal guidance and secured satisfactory resolution informally and readily saleable.
Last Autumn we were contacted by Dr Kian González , who moved into a purpose-built apartment in Roehampton in October 2000. The question was if we could shed any light on how much (approximately) premium would be to extend the lease by an additional years. Comparable flats in Roehampton with 100 year plus lease were in the region of £198,800. The average ground rent payable was £55 billed monthly. The lease lapsed in 2081. Given that there were 55 years outstanding we estimated the premium to the landlord to extend the lease to be within £33,300 and £38,400 not including professional charges.
An example of a Freehold Enfranchisement decision for a Roehampton flat is 19 St. Margarets Crescent in August 2010. the tribunal was of the view that the premium to be paid by the leaseholder for the freehold reversion was £51,983.00 This case related to 3 flats. The remaining number of years on the lease was 66.25 years.