Unfortunately that a Robertsbridge residential lease is a deteriorating asset. The lease value drops in proportion to its lease length. The extent of this is not fully appreciated in the early years due to the deflation being disguised by increases in the Robertsbridge property prices.Where your lease has approximately 90 years left, you should start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips below eighty years - otherwise a higher amount will be payable. Most leasehold owners in Robertsbridge will be able to extend under the legislation; however a conveyancer will be able to clarify whether you are eligibility. In some situations you may not qualify. There are also strict timeframes and procedures to follow once the process is instigated and you will need to be guided by your conveyancing solicitor throughout the formalities.
It is generally accepted that a residential leasehold with more than one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the property will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Royal Bank of Scotland |
Lease extensions in Robertsbridge can be a difficult process. We recommend you procure professional help from a conveyancer 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 dealing with Robertsbridge lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
During the course of the last few months Evan, came perilously near to the 80-year threshold with the lease on his ground floor apartment in Robertsbridge. In buying his flat 19 years previously, the unexpired term was of minimal relevance. As luck would have it, he realised he needed to take steps soon on a lease extension. Evan arranged for a lease extension at the eleventh hour last January. Evan and the landlord who owned the flat above in the end agreed on the final figure of £5,500 . If the lease had gone below eighty years, the price would have gone up by at least £1,050.
In 2014 we were approached by Mr and Mrs. C García who, having completed a one bedroom flat in Robertsbridge in October 1995. We are asked if we could shed any light on how much (roughly) price would be for a 90 year extension to my lease. Identical residencies in Robertsbridge with 100 year plus lease were valued around £264,000. The average ground rent payable was £60 invoiced annually. The lease ran out on 19 March 2079. Considering the 53 years left we approximated the compensation to the landlord for the lease extension to be within £37,100 and £42,800 not including costs.
Dr G Morgan purchased a one bedroom apartment in Robertsbridge in February 1999. The question was if we could estimate the compensation to the landlord would be to extend the lease by ninety years. Comparative homes in Robertsbridge with 100 year plus lease were in the region of £220,400. The mid-range ground rent payable was £45 billed every twelve months. The lease ended on 27 June 2090. Having 64 years outstanding we estimated the compensation to the landlord for the lease extension to be between £15,200 and £17,600 not including legals.