Top reasons for Roehampton lease extension
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Main reasons to commence your Roehampton lease extension today:
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Increase your lease and increase your <a href="http://www.lendermonitor.com/conveyancing/loc/roehampton">Roehampton</a> property value </h4>
<p> When it comes to residential leasehold property in Roehampton, you are actually buying a right to live in a property for a prescribed time frame. Modern flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you should consider a lease extension sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly especially when there are fewer than eighty years left. Residents in Roehampton with a lease approaching 81 years left should seriously think of extending it sooner as opposed to later. When a lease has below eighty years left, under the current legislation the freeholder can calculate and charge a larger premium, based on a technical calculation, strangely termed as “marriage value” which is due. <h4>Roehampton property with a lease extension has roughly the same value as a freehold</h4>
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Leasehold properties in Roehampton with more than 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 property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it. <h4>Mortgage lenders may decide not to grant a mortgage with a short lease</h4> Lenders are really restricting their approach as regards to properties in Roehampton with short leases. For instance you may find that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you needed to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus restricting your market.
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<th> Requirement
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<td>Accord Mortgages</td>
<td> 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.
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<td>Halifax</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>National Westminster Bank</td>
<td> Mortgage term plus 30 years.<br /><br />For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage.
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<td>Skipton Building Society</td>
<td> 85 years from the date of completion of the mortgage<br /><br />For Buy to Let cases:<br />- lettings must not breach any of the lessee’s covenants; and<br />- consent of the lessor to lettings must be obtained if necessary
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<td>Yorkshire Building Society</td>
<td> 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.
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<h4> Get in touch with one of our Roehampton lease extension solicitors or enfranchisement solicitors
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<p> Retaining our service gives you increased control over the value of your Roehampton leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell.
The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions. <h4>
Roehampton Lease Extension Example Cases:
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<h5> Dylan, Roehampton, South West London</h5>
<p> 14 months ago Dylan, started to get close to the 80-year mark with the lease on his leasehold apartment in Roehampton. In buying his flat 19 years previously, the lease term was of minimal relevance. Fortunately, he became aware that he would imminently be paying an inflated amount for a lease extension. Dylan was able to extend his lease at the eleventh hour in July. Dylan and the landlord subsequently agreed on an amount of £6,000 . If the lease had fallen to less than eighty years, the price would have increased by at least £1,125.
<h5>Roehampton case:</h5>
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In 2009 we were approached by Ms D Simon who, having took over the lease of a basement apartment in Roehampton in February 2012. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year extension to my lease. Comparative flats in Roehampton with a long lease were worth £290,000. The mid-range amount of ground rent was £45 billed monthly. The lease expired on 5 April 2098. Considering the 72 years left we estimated the compensation to the landlord for the lease extension to be within £11,400 and £13,200 not including professional charges.
<div> <h5>Decision in Wandsworth</h5>
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An example of a Freehold Enfranchisement case for a Roehampton premises 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 affected 3 flats. The remaining number of years on the lease was 66.25 years.
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