Robertsbridge leases on domestic deteriorating in value. Where your lease has about 90 years left, you should start considering the need for a lease extension. If lease term is less than 80 years, you will then be required to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Robertsbridge will usually be legally entitled to a lease extension; however a solicitor should be able check if you qualify. In certain circumstances you may not qualify. There are also strict timetables and procedures to comply with once the process has started so it’s wise to be guided by a conveyancer during the process.
It is conventional wisdom that a property with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Halifax | |
| Nationwide Building Society | |
| Royal Bank of Scotland | |
| Virgin |
Lease extensions in Robertsbridge can be a difficult process. We recommend you procure guidance from a conveyancer and valuer 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 a wealth of experience 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.
In the wake of eight months of protracted negotiations with the landlord of her purpose-built apartment in Robertsbridge, Holly started the lease extension process just as the lease was nearing the crucial eighty-year threshold. The legal work was concluded in March 2005. The freeholder’s charges were kept to an absolute minimum.
Mrs V Díaz completed a basement apartment in Robertsbridge in October 2001. We are asked if we could estimate the compensation to the landlord could be for a 90 year lease extension. Identical properties in Robertsbridge with a long lease were worth £203,200. The mid-range amount of ground rent was £65 invoiced yearly. The lease concluded in 2087. Given that there were 61 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £19,000 and £22,000 not including legals.
Last Autumn we were e-mailed by Mr Muhammad Morris , who purchased a recently refurbished flat in Robertsbridge in March 2009. The question was if we could estimate the premium could be to extend the lease by a further 90 years. Similar residencies in Robertsbridge with a long lease were valued about £260,000. The mid-range ground rent payable was £50 billed per annum. The lease elapsed in 2098. Taking into account 72 years outstanding we approximated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of fees.