It’s an underpublicised certainty that a Robertsbridge residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the first few years due to the reduction being disguised by increases in the Robertsbridge property prices.Once your lease gets to 85ish years, you should start considering a lease extension. If the number of years remaining dips under 80 years, you will then be required to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add the property Most flat owners in Robertsbridge will be able to extend under the legislation; however a conveyancing solicitor should be able to confirm if you qualify for an extension. In some cases you may not qualify. There are also strict deadlines and procedures to follow once the process is initiated and you will need to be guided by your lawyer throughout the formalities.
It is generally accepted that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Birmingham Midshires | |
| National Westminster Bank | |
| Santander |
The conveyancers that we work with handle Robertsbridge 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 conveyancing solicitor we work with provide it.
Following protracted correspondence with the landlord of her ground floor apartment in Robertsbridge, Nicole commenced the lease extension process just as her lease was approaching the critical 80-year threshold. The lease extension completed in October 2009. The freeholder’s costs were restricted to slightly above 700 pounds.
In 2014 we were e-mailed by Dr R Jackson who, having was assigned a lease of a recently refurbished apartment in Robertsbridge in March 2012. The dilemma was if we could approximate the price could be to extend the lease by ninety years. Comparable premises in Robertsbridge with 100 year plus lease were valued around £270,000. The mid-range ground rent payable was £55 billed quarterly. The lease finished in 2102. Taking into account 76 years left we approximated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of fees.
In 2009 we were called by Mr and Mrs. V Laurent who, having was assigned a lease of a newly refurbished flat in Robertsbridge in September 2006. We are asked if we could estimate the compensation to the landlord would be to extend the lease by a further 90 years. Identical flats in Robertsbridge with a long lease were in the region of £176,200. The average ground rent payable was £65 collected monthly. The lease concluded on 26 July 2082. Having 56 years unexpired we estimated the compensation to the landlord to extend the lease to be within £29,500 and £34,000 not including costs.