The basic rule is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Robertsbridge have the legal entitlement to extend the lease for an additional 90 years under Leasehold Reform legislation. Do give careful consideration before delaying your Robertsbridge lease extension. Putting off that expense now simply escalates the amount you will eventually be required to pay to extend the lease.
It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.
| 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Engaging our service will provide you better control over the value of your Robertsbridge leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Last year Oscar, started to get close to the 80-year threshold with the lease on his one bedroom apartment in Robertsbridge. Having bought his flat 19 years previously, the lease term was of no significance. As luck would have it, he recognised he would soon be paying an escalated premium for a lease extension. Oscar arranged for a lease extension just under the wire last July. Oscar and the landlord who owned the flat above in the end agreed on a premium of £5,500 . If he failed to meet the deadline, the amount would have escalated by at least £925.
Ms K Martin owned a basement flat in Robertsbridge in October 2004. We are asked if we could shed any light on how much (roughly) price could be for a 90 year lease extension. Comparable residencies in Robertsbridge with a long lease were valued about £210,600. The mid-range ground rent payable was £45 invoiced monthly. The lease concluded in 2088. Considering the 62 years remaining we approximated the compensation to the freeholder to extend the lease to be between £18,100 and £20,800 exclusive of fees.
Dr Jordan Ward purchased a first floor apartment in Robertsbridge in May 1998. The question was if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by ninety years. Identical premises in Robertsbridge with a long lease were worth £260,000. The average amount of ground rent was £50 invoiced every twelve months. The lease lapsed in 2099. Having 73 years left we estimated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus expenses.