Rotherham residential property owned on a long lease is a depreciating asset as the leaseholder only owns the property for a set term.
It is conventional wisdom that a residential leasehold with over 100 years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Chelsea Building Society | |
| Godiva Mortgages | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
Lease extensions in Rotherham can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor 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 in-depth market knowledge procuring Rotherham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of unsuccessful discussions with the freeholder of her studio flat in Rotherham, Abigail started the lease extension process just as the lease was approaching the crucial eighty-year threshold. The transaction was finalised in September 2011. The freeholder’s charges were negotiated to about 650 pounds.
Last Summer we were phoned by Dr M Bell , who took over the lease of a garden apartment in Rotherham in October 2006. The dilemma was if we could shed any light on how much (roughly) premium would likely be for a 90 year lease extension. Identical residencies in Rotherham with 100 year plus lease were valued about £254,200. The mid-range amount of ground rent was £60 invoiced every twelve months. The lease came to a finish on 10 January 2077. Considering the 51 years as a residual term we estimated the premium to the landlord to extend the lease to be within £43,700 and £50,600 exclusive of expenses.
Last Autumn we were contacted by Mr N Taylor , who moved into a one bedroom apartment in Rotherham in April 2004. 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 residencies in Rotherham with an extended lease were valued around £210,600. The average amount of ground rent was £45 billed monthly. The lease came to a finish in 2088. Considering the 62 years remaining we estimated the compensation to the freeholder to extend the lease to be between £18,100 and £20,800 exclusive of costs.