With a residential leasehold property in Rogerstone, you effectively rent it for a certain amount of time. Modern flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you may think about a lease extension sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease becomes disproportionately greater particularly once there are fewer than 80 years remaining. Anyone in Rogerstone with a lease nearing 81 years unexpired should seriously think of extending it without delay. When the lease term has fewer than eighty years outstanding, under the relevant legislation the landlord can calculate and levy a larger amount, based on a technical calculation, strangely termed as “marriage value” which is due.
Leasehold properties in Rogerstone with over 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Chelsea Building Society | |
| Santander | |
| The Mortgage Works | |
| Yorkshire Building Society |
Irrespective of whether you are a tenant or a landlord in Rogerstone,the lease extension experts 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 Rogerstone valuers.
Last year Jayden, came seriously close to the 80-year threshold with the lease on his first floor flat in Rogerstone. Having bought his flat 19 years previously, the length of the lease was of minimal significance. Luckily, he recognised he would imminently be paying an inflated amount for a lease extension. Jayden arranged for a lease extension just under the wire last April. Jayden and the freeholder in the end settled on an amount of £6,000 . If he had missed the deadline, the amount would have escalated by at least £1,125.
Last Christmas we were contacted by Mr and Mrs. T Gunderson , who moved into a garden flat in Rogerstone in April 1996. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by an additional years. Comparable premises in Rogerstone with a long lease were worth £275,000. The average amount of ground rent was £55 invoiced every twelve months. The lease finished in 2102. Considering the 76 years outstanding we approximated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 not including costs.
Last Spring we were approach by Mr F Flores , who purchased a newly refurbished apartment in Rogerstone in February 2009. We are asked if we could shed any light on how much (approximately) price could be to prolong the lease by ninety years. Comparable residencies in Rogerstone with an extended lease were valued about £176,200. The average amount of ground rent was £65 invoiced per annum. The lease came to a finish in 2082. Given that there were 56 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £29,500 and £34,000 not including legals.