Main reasons to commence your Ranmoor lease extension

Top reasons for lease extension now:

A Ranmoor lease depreciates with the years remaining on the lease.

The basic rule is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Ranmoor may extend the lease for an additional 90 years in accordance with statute. Do think carefully before delaying your Ranmoor lease extension. Shelving that expense now simply escalates the amount you will ultimately have to pay to extend the lease.

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

It is generally considered that a property with over 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the property will be worth the same as a freehold for decades to come.

Mortgage lenders may not finance a property with a short lease

Almost all banks and building societies will be unwilling to lend on a lease with under 70 years unexpired - although this varies between mortgage companies. A purchaser will undoubtedly find it difficult to obtain a mortgage and this could result in your Ranmoor property becoming difficult to sell or remortgage.

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

Lease extensions in Ranmoor can be a difficult process. We recommend you get professional help from a lawyer and surveyor 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 in-depth market knowledge dealing with Ranmoor lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Ranmoor Lease Extension Case Summaries:

Finley, Ranmoor, South Yorkshire

Half a year ago Finley, came dangerously close to the 80-year mark with the lease on his ground floor flat in Ranmoor. Having purchased his property two decades ago, the lease term was of no bearing. As luck would have it, it dawned on him that he needed to take steps soon on a lease extension. Finley arranged for a lease extension at the eleventh hour last May. Finley and the freeholder subsequently settled on the final figure of £5,500 . If he not met the deadline, the figure would have gone up by at least £1,000.

Ranmoor case:

Dr P Morris was assigned a lease of a newly refurbished flat in Ranmoor in August 2005. We are asked if we could shed any light on how much (approximately) premium would likely be for a ninety year extension to my lease. Comparable premises in Ranmoor with 100 year plus lease were worth £275,000. The average ground rent payable was £55 invoiced quarterly. The lease ended on 22 August 2103. Given that there were 77 years left we approximated the premium to the landlord for the lease extension to be within £13,300 and £15,400 exclusive of fees.

Ranmoor case:

In 2012 we were called by Mr and Mrs. G Lee who, having owned a studio flat in Ranmoor in March 2000. The question was if we could approximate the premium could be for a ninety year extension to my lease. Comparable homes in Ranmoor with 100 year plus lease were valued about £183,600. The mid-range amount of ground rent was £65 collected quarterly. The lease lapsed on 1 March 2083. Considering the 57 years remaining we estimated the premium to the landlord for the lease extension to be between £28,500 and £33,000 not including legals.