Ramsgate leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. It is the case that most Ramsgate tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Ramsgate you should see if your lease has between seventy and ninety years left. There are compelling reasons why a Ramsgate flat owner with a lease having around 80 years left should take action to make sure that a lease extension is effected without delay
Leasehold premises in Ramsgate with more than one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Chelsea Building Society | |
| Santander | |
| Royal Bank of Scotland | |
| Virgin |
Lease extensions in Ramsgate can be a difficult process. We recommend you secure guidance from a conveyancer and valuer with experience in this area.
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 Ramsgate lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After protracted negotiations with the landlord of her leasehold apartment in Ramsgate, Rachel commenced the lease extension process just as the lease was coming close to the crucial eighty-year deadline. The legal work completed in January 2010. The freeholder’s fees were negotiated to below 550 GBP.
Dr Jodie Morris moved into a one bedroom flat in Ramsgate in August 2006. The dilemma was if we could approximate the price would be to extend the lease by an additional years. Identical properties in Ramsgate with an extended lease were in the region of £245,000. The mid-range ground rent payable was £50 invoiced monthly. The lease expired in 2094. Having 68 years remaining we calculated the premium to the landlord for the lease extension to be between £9,500 and £11,000 not including professional charges.
Last January we were called by Dr N Adams , who bought a basement flat in Ramsgate in February 2004. We are asked if we could approximate the price would likely be to extend the lease by ninety years. Comparative flats in Ramsgate with an extended lease were valued about £285,000. The mid-range amount of ground rent was £55 collected per annum. The lease lapsed on 1 May 2105. Given that there were 79 years unexpired we calculated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 not including costs.