Why you should commence your Ramsbottom lease extension

Top reasons for lease extension now:

A Ramsbottom leasehold property depreciates with the years remaining on the lease.

For anyone whose Ramsbottom home is held on a long lease, the message is clear – if you ignore the situation, the property will eventually revert to the freeholder, leaving you empty-handed. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease.

Ramsbottom property with a lease extension has roughly the same value as a freehold

It is generally accepted that a residential leasehold with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 45 years remaining, the residence will be worth the same as a freehold for many years ahead.

Lending institutions will not grant a mortgage on a short lease

Almost all banks and building societies require a lengthy amount of time remaining on a leasehold property before they will consider it as adequate security. Regardless of whether you need a mortgage, you should be conscious that it is likely that someone intending to purchase your property in the future might well do, so in the event that they can't get a mortgage, then the market price of your property will likely be adversely impacted. Since 2008 the majority of banks and building societies have increased the required minimum lease length that they are prepared to accept

Why use us for your lease extension in Ramsbottom?

Lease extensions in Ramsbottom can be a difficult process. We recommend you secure guidance from a conveyancer and valuer well versed in the legislation and lease extension process.

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 Ramsbottom lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Ramsbottom Lease Extension Example Cases:

Tia, Ramsbottom, Greater Manchester,

In the wake of 9 months of lengthy discussions with the freeholder of her ground floor apartment in Ramsbottom, Tia initiated the lease extension process as the eighty year mark was rapidly advancing. The lease extension completed in October 2011. The landlord’s costs were kept to an absolute minimum.

Ramsbottom case:

In 2011 we were e-mailed by Mrs Nicole Ricardo who, having took over the lease of a ground floor apartment in Ramsbottom in March 2010. We are asked if we could approximate the price would be for a 90 year extension to my lease. Identical homes in Ramsbottom with 100 year plus lease were in the region of £295,000. The average ground rent payable was £45 billed per annum. The lease elapsed on 12 January 2100. Given that there were 74 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 not including legals.

Ramsbottom case:

Mrs Stephanie Bonnet was assigned a lease of a basement apartment in Ramsbottom in February 2011. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by ninety years. Similar premises in Ramsbottom with 100 year plus lease were worth £243,000. The average ground rent payable was £65 invoiced every twelve months. The lease expiry date was on 24 June 2089. Taking into account 63 years remaining we calculated the compensation to the landlord for the lease extension to be between £20,000 and £23,000 exclusive of expenses.