Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will usually be granted for a fixed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Rogiet. Inevitably, the length of lease remaining reduces as time goes by. This is often ignored and only becomes a problem when the residence needs to be sold or re-mortgaged. The fewer the years remaining the lower the value of the property and the more expensive it will be to procure a lease extension. Eligible long lease owners in Rogiet have the right to extend the lease for a further 90 years in accordance with legislation. Please give careful attention before delaying your Rogiet lease extension. Putting off the cost now simply increases the price you will eventually have to pay to extend your lease
Leasehold premises in Rogiet with more than one hundred 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 situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| Yorkshire 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. |
Lease extensions in Rogiet can be a difficult process. We recommend you secure professional help from a lawyer 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.
Felix owned a 2 bedroom apartment in Rogiet on the market with a lease of a few days over sixty years outstanding. Felix informally spoke with his freeholder a well known Manchester-based freehold company for a lease extension. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Felix to exercise his statutory right. Felix procured expert legal guidance and was able to make a more informed judgement and deal with the matter and readily saleable.
Last month we were phoned by Dr Kyle Clark , who owned a basement flat in Rogiet in August 2002. The question was if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparable homes in Rogiet with 100 year plus lease were in the region of £265,000. The average ground rent payable was £50 billed monthly. The lease elapsed on 19 January 2098. Considering the 73 years as a residual term we estimated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of legals.
Mrs G Gray bought a first floor apartment in Rogiet in April 2003. We are asked if we could shed any light on how much (approximately) price would be to extend the lease by an additional years. Similar residencies in Rogiet with a long lease were valued around £264,000. The average amount of ground rent was £60 collected monthly. The lease terminated in 2078. Given that there were 53 years remaining we approximated the compensation to the freeholder for the lease extension to be within £37,100 and £42,800 not including professional charges.