Main reasons to start your Ramsgate lease extension

Top reasons for lease extension now:

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

For anyone whose Ramsgate property is held on a long lease, our message is clear – if nothing is done, the property will eventually revert to your landlord, leaving you empty-handed. The fewer the years remaining the less it is worth and the more it will cost to procure a lease extension.

Ramsgate property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the property will be equivalent in value to a freehold for decades to come.

Mortgage lenders may decide not to grant a mortgage with a short lease

Mortgage companies do not lend on short residential leases. You most probably experience difficulties if you need to sell your flat in Ramsgate if the remaining lease term is less than the criteria set by most lenders. Different lenders have varying criteria but in the main theyrequire a minimum remaining lease term of seventy years.

Get in touch with one of our Ramsgate lease extension solicitors or enfranchisement solicitors

The conveyancing solicitors that we work with handle Ramsgate lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Ramsgate Lease Extension Case Summaries:

Emma, Ramsgate, Kent,

In the wake of 9 months of protracted correspondence with the freeholder of her one bedroom apartment in Ramsgate, Emma started the lease extension process just as the lease was approaching the critical eighty-year mark. The transaction completed in August 2008. The freeholder’s charges were kept to an absolute minimum.

Ramsgate case:

Mr and Mrs. R Leroy owned a first floor flat in Ramsgate in March 1997. The question was if we could approximate the premium would likely be to extend the lease by 90 years. Similar homes in Ramsgate with an extended lease were valued around £256,600. The mid-range amount of ground rent was £60 billed annually. The lease terminated in 2078. Given that there were 52 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £39,000 and £45,000 exclusive of fees.

Ramsgate case:

Dr Nathan Lefebvre bought a one bedroom apartment in Ramsgate in March 2001. We are asked if we could estimate the premium could be to extend the lease by a further 90 years. Similar properties in Ramsgate with a long lease were in the region of £218,000. The mid-range ground rent payable was £45 collected quarterly. The lease terminated on 28 March 2089. Having 63 years left we estimated the compensation to the freeholder to extend the lease to be between £17,100 and £19,800 exclusive of expenses.