Main reasons to commence your Rogiet lease extension

Top reasons for lease extension now:

A Rogiet lease depreciates with the years remaining on the lease.

Chances are that if you own a flat in Rogiet you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Lenders may decide not to issue a mortgage on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to become nervous at around 75 years. This may cause difficulties when you wish to sell or remortgage your flat as it will be effectively unmortgageable. Even though you might not have an immediate desire to sell but when you do your purchaser will have to wait a couple of years before being able to start the legal procedures for an extension to the lease.

What makes us experts in Rogiet lease extensions?

The conveyancing solicitors that we work with handle Rogiet lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Rogiet Lease Extension Example Cases:

Jackson, Rogiet, Monmouthshire,

Jackson owned a conversion flat in Rogiet on the market with a lease of a little over fifty eight years outstanding. Jackson informally contacted his landlord being a well known Bristol-based freehold company for a lease extension. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Jackson to exercise his statutory right. Jackson procured expert advice and was able to make an informed decision and deal with the matter and ending up with a market value flat.

Rogiet case:

Last Summer we were contacted by Mrs R Ali , who took over the lease of a garden apartment in Rogiet in May 2011. We are asked if we could approximate the premium would be to extend the lease by 90 years. Similar flats in Rogiet with 100 year plus lease were in the region of £280,000. The average ground rent payable was £55 billed monthly. The lease end date was in 2104. Considering the 78 years remaining we approximated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 exclusive of fees.

Rogiet case:

In 2009 we were phoned by Mr Adam Carter who, having owned a first floor flat in Rogiet in June 2012. The question was if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by ninety years. Similar flats in Rogiet with an extended lease were in the region of £191,000. The average ground rent payable was £65 invoiced every twelve months. The lease elapsed on 17 March 2084. Considering the 58 years unexpired we approximated the premium to the landlord for the lease extension to be between £23,800 and £27,400 exclusive of costs.