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. It is important to recognise that it is that it is desirable for the lease extension to take place before the term of the current lease falls lower than eighty years - otherwise a higher premium will be due. Flat owners in Robertsbridge will mostly be legally entitled to a lease extension; however a solicitor will confirm if you qualify. In some circumstances you may not be entitled. There are prescribed deadlines and procedures to follow once the process is triggered so it’s prudent to be guided by a lawyer during the process.
Leasehold premises in Robertsbridge with over 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
Irrespective of whether you are a tenant or a freeholder in Robertsbridge,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Robertsbridge valuers.
Caleb owned a conversion flat in Robertsbridge on the market with a lease of just over 59 years outstanding. Caleb on an informal basis contacted his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Caleb to invoke his statutory right. Caleb obtained expert advice and was able to make an informed judgement and deal with the matter and sell the flat.
Last year we were phoned by Mr and Mrs. J Reed , who was assigned a lease of a purpose-built apartment in Robertsbridge in September 2007. We are asked if we could estimate the premium would likely be to extend the lease by a further 90 years. Comparable premises in Robertsbridge with an extended lease were worth £245,000. The average amount of ground rent was £45 collected every twelve months. The lease elapsed on 5 May 2094. Taking into account 68 years remaining we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including expenses.
In 2014 we were contacted by Mr Harry Walker who, having owned a purpose-built flat in Robertsbridge in February 1995. The question was if we could estimate the price would likely be to prolong the lease by an additional years. Identical properties in Robertsbridge with a long lease were in the region of £280,000. The average ground rent payable was £55 collected yearly. The lease came to a finish in 2105. Considering the 79 years left we calculated the premium to the landlord for the lease extension to be between £13,300 and £15,400 exclusive of costs.