It’s an underpublicised truth that a Rogiet residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is not fully appreciated in the first few years due to the depreciation being disguised by increases in the Rogiet property market.Once your lease gets to 85ish years, you should start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls lower than eighty years - otherwise a higher premium will be due. Most leasehold owners in Rogiet will be able to extend under the legislation; however a conveyancer will be able to confirm whether you qualify for an extension. In some cases you may not qualify. There are also strict deadlines and procedures to be adhered to once the process is initiated and you will need to be guided by your conveyancer from beginning to end of the process.
Leasehold residencies in Rogiet with more than 100 years outstanding on the lease are sometimes 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 estate charges warrant it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Chelsea Building Society | 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. |
| National Westminster Bank | Mortgage term plus 30 years. 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. |
| 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 |
Retaining our service will provide you better control over the value of your Rogiet leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide 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.
Off the back of protracted negotiations with the landlord of her one bedroom apartment in Rogiet, Paige initiated the lease extension process as the 80 year deadline was fast approaching. The legal work completed in September 2013. The freeholder’s charges were kept to an absolute minimum.
Dr Seth Baker moved into a first floor apartment in Rogiet in November 2004. We are asked if we could shed any light on how much (roughly) price would likely be to prolong the lease by a further 90 years. Comparative flats in Rogiet with an extended lease were worth £261,600. The mid-range ground rent payable was £60 collected monthly. The lease elapsed on 11 July 2078. Taking into account 52 years outstanding we estimated the compensation to the landlord to extend the lease to be between £39,000 and £45,000 exclusive of professional charges.
Mr and Mrs. J Díaz took over the lease of a studio apartment in Rogiet in June 2006. We are asked if we could estimate the premium would be to extend the lease by an additional years. Similar homes in Rogiet with a long lease were worth £218,000. The mid-range amount of ground rent was £45 collected per annum. The lease concluded on 28 October 2089. Taking into account 63 years left we calculated the compensation to the landlord for the lease extension to be between £17,100 and £19,800 plus professional charges.