Robertsbridge leases on residential deteriorating in value. if your lease has approximately 90 years remaining, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease drops below this level then you start incurring an additional element called marriage value. Leasehold owners in Robertsbridge will mostly be legally entitled to a lease extension; however a solicitor will check if you qualify. In some situations you may not qualify. There are also strict timetables and steps to comply with once the process is initiated so it’s best to be guided by a conveyancing solicitor during the process.
Leasehold properties in Robertsbridge with more than 100 years left on the lease are often 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 upside in buying the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Halifax | |
| National Westminster Bank | |
| The Mortgage Works | |
| Royal Bank of Scotland |
Lease extensions in Robertsbridge can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor 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 in-depth market knowledge procuring Robertsbridge lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
18 months ago Aiden, came seriously near to the 80-year mark with the lease on his garden flat in Robertsbridge. In buying his flat 19 years ago, the lease term was of no significance. Thankfully, he became aware that he needed to take steps soon on Extending the lease. Aiden arranged for a lease extension just under the wire in April. Aiden and the freeholder via the management company subsequently agreed on sum of £5,000 . If he had missed the deadline, the amount would have gone up by a minimum £1,000.
Last Summer we were e-mailed by Mrs P Martin , who moved into a newly refurbished apartment in Robertsbridge in April 2001. The dilemma was if we could approximate the premium would be to extend the lease by 90 years. Similar premises in Robertsbridge with 100 year plus lease were worth £260,000. The mid-range ground rent payable was £50 billed per annum. The lease lapsed on 8 January 2098. Taking into account 72 years remaining we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including fees.
In 2014 we were called by Mr and Mrs. V Davis who, having bought a ground floor flat in Robertsbridge in April 2001. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year extension to my lease. Comparable flats in Robertsbridge with a long lease were valued about £256,600. The mid-range amount of ground rent was £60 collected yearly. The lease elapsed in 2078. Given that there were 52 years as a residual term we approximated the premium to the landlord for the lease extension to be between £41,800 and £48,400 not including fees.