The rule of thumb is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Roker can extend the lease for a further ninety years under statute. Do think carefully before delaying your Roker lease extension. Putting off that expense today simply escalates the amount you will ultimately be required to pay to extend the lease.
Leasehold residencies in Roker with in excess of one hundred years outstanding on the lease are sometimes referred to as ‘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 purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Bank of Scotland | |
| Godiva Mortgages | |
| Skipton Building Society | |
| Virgin |
Lease extensions in Roker can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and surveyor with experience in this area.
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 in-depth market knowledge procuring Roker lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last Summer Owen, started to get close to the 80-year threshold with the lease on his ground floor apartment in Roker. In buying his property twenty years ago, the lease term was of no interest. Luckily, it dawned on him that he would imminently be paying an escalated premium for a lease extension. Owen extended the lease at the eleventh hour in May. Owen and the freeholder via the management company ultimately settled on a premium of £6,000 . If the lease had slid below 80 years, the figure would have increased by a minimum £950.
Last Autumn we were e-mailed by Mrs Danielle Wilson , who moved into a purpose-built flat in Roker in June 2004. The dilemma was if we could shed any light on how much (approximately) premium would likely be for a 90 year extension to my lease. Similar flats in Roker with a long lease were worth £270,000. The mid-range ground rent payable was £55 collected every twelve months. The lease finished in 2101. Having 75 years outstanding we calculated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 not including fees.
Ms Y Robinson owned a garden apartment in Roker in January 2009. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year extension to my lease. Comparative properties in Roker with a long lease were in the region of £173,800. The mid-range amount of ground rent was £60 billed quarterly. The lease ran out on 22 January 2081. Considering the 55 years left we approximated the compensation to the landlord for the lease extension to be within £31,400 and £36,200 plus fees.