As the the remaining lease term of a Groby and Ratby residential lease diminished so does its value and therefore the value of your property. If the residual term has, beyond 125 years to run then this decrease may be fractional nevertheless there will become a point in time when a lease has less than eighty years left as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the main reason why you should consider extending sooner rather than later. Many flat owners in Groby and Ratby will qualify for this right; that being said a lawyer will be able to confirm if you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
Leasehold properties in Groby and Ratby with over one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Barnsley Building Society | |
| National Westminster Bank | |
| The Mortgage Works |
Lease extensions in Groby and Ratby can be a difficult process. We recommend you secure professional help from a conveyancer and surveyor with experience in lease extensions.
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 dealing with Groby and Ratby lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last October Isaac, came very near to the eighty-year threshold with the lease on his studio apartment in Groby and Ratby. Having purchased his property 18 years ago, the unexpired term was of minimal significance. by good luck, he noticed he needed to take steps soon on a lease extension. Isaac arranged for a lease extension just in the nick of time last September. Isaac and the freeholder via the managing agents in the end agreed on the final figure of £5,500 . If the lease had descended lower than eighty years, the price would have gone up by a minimum £850.
Last Summer we were approach by Mrs Phoebe Jones , who bought a one bedroom flat in Groby and Ratby in March 1998. The dilemma was if we could estimate the premium could be for a ninety year lease extension. Comparative premises in Groby and Ratby with 100 year plus lease were valued about £200,000. The mid-range ground rent payable was £50 collected annually. The lease end date was in 2103. Considering the 77 years as a residual term we approximated the premium to the landlord for the lease extension to be within £8,600 and £9,800 not including costs.
Mr O Hernández owned a basement flat in Groby and Ratby in July 1996. The question was if we could shed any light on how much (roughly) premium could be to extend the lease by a further 90 years. Identical residencies in Groby and Ratby with 100 year plus lease were valued around £260,200. The average amount of ground rent was £65 invoiced per annum. The lease terminated on 26 June 2092. Taking into account 66 years as a residual term we calculated the premium to the landlord for the lease extension to be within £16,200 and £18,600 plus professional charges.