The only way is down when it comes to Rawcliffe lease terms. Rawcliffe flats that have a remaining term lower than eighty years will de-escalate in market price at a rapid rate, and the cost to extend your lease will go up.
It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Santander | |
| The Mortgage Works | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
Using our service will provide you increased control over the value of your Rawcliffe leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
16 months ago Ethan, came very close to the 80-year mark with the lease on his two bedroom apartment in Rawcliffe. In buying his property two decades ago, the length of the lease was of minimal bearing. by good luck, he recognised he would imminently be paying an escalated premium for Extending the lease. Ethan was able to extend his lease just under the wire in July. Ethan and the landlord who owned the flat above in the end agreed on a premium of £5,000 . If he had missed the deadline, the amount would have become more costly by a minimum £975.
In 2010 we were approached by Mrs W Baker who, having acquired a first floor apartment in Rawcliffe in January 1997. We are asked if we could shed any light on how much (roughly) premium could be to extend the lease by a further 90 years. Comparable residencies in Rawcliffe with an extended lease were worth £275,000. The average ground rent payable was £65 billed every twelve months. The lease end date was in 2094. Considering the 68 years unexpired we calculated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 plus expenses.
Mr F Harris was assigned a lease of a garden apartment in Rawcliffe in November 2008. The question was if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparable properties in Rawcliffe with 100 year plus lease were worth £208,600. The mid-range amount of ground rent was £60 collected quarterly. The lease concluded on 19 August 2083. Having 57 years outstanding we calculated the compensation to the landlord to extend the lease to be within £30,400 and £35,200 not including fees.