The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Rogerstone may extend the lease for a further 90 years under statute. Please give careful consideration before delaying your Rogerstone lease extension. Postponing the costs now simply increases the premium you will eventually have to pay for a lease extension.
Leasehold residencies in Rogerstone with more than one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
Irrespective of whether you are a tenant or a freeholder 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.
After unsuccessful negotiations with the freeholder of her purpose-built apartment in Rogerstone, Holly started the lease extension process as the eighty year threshold was swiftly advancing. The lease extension completed in August 2005. The landlord’s costs were negotiated to below 650 GBP.
Mr Lucas Khan owned a one bedroom apartment in Rogerstone in August 2012. The question was if we could approximate the premium could be to extend the lease by ninety years. Identical flats in Rogerstone with a long lease were valued about £242,600. The mid-range ground rent payable was £45 collected annually. The lease terminated on 21 February 2092. Having 67 years left we estimated the compensation to the freeholder to extend the lease to be between £11,400 and £13,200 not including professional charges.
In 2009 we were e-mailed by Mrs Lydia Carter who, having was assigned a lease of a first floor apartment in Rogerstone in April 1995. The dilemma was if we could approximate the compensation to the landlord would be to extend the lease by a further 90 years. Identical properties in Rogerstone with a long lease were worth £280,000. The average amount of ground rent was £55 collected monthly. The lease terminated in 2103. Taking into account 78 years outstanding we calculated the premium to the freeholder to extend the lease to be between £13,300 and £15,400 plus expenses.