Chances are that if you own a flat in Rogiet you actually own a long leasehold interest over your property
It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 35 years left, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Rogiet can be a difficult process. We recommend you get guidance from a conveyancer and valuer well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Rogiet lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
During the course of the last few months John, came perilously near to the eighty-year mark with the lease on his garden apartment in Rogiet. Having bought his home 19 years previously, the length of the lease was of no significance. Fortunately, he realised he would soon be paying an inflated amount for a lease extension. John was able to extend his lease at the eleventh hour last August. John and the freeholder via the management company ultimately agreed on an amount of £6,000 . If the lease had descended lower than eighty years, the sum would have escalated by at least £950.
Mr B Alexander was assigned a lease of a garden apartment in Rogiet in May 2002. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by ninety years. Comparative properties in Rogiet with a long lease were valued around £193,400. The mid-range ground rent payable was £65 invoiced per annum. The lease concluded on 10 August 2085. Taking into account 59 years left we approximated the compensation to the freeholder for the lease extension to be between £21,900 and £25,200 not including expenses.
Last Autumn we were called by Mr and Mrs. R López , who owned a recently refurbished apartment in Rogiet in September 2010. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by 90 years. Comparative properties in Rogiet with 100 year plus lease were in the region of £255,000. The mid-range ground rent payable was £50 invoiced monthly. The lease terminated in 2096. Considering the 70 years left we calculated the premium to the freeholder for the lease extension to be between £10,500 and £12,000 plus fees.