Top reasons for Ravenglass lease extension

Top reasons for lease extension now:

Increase your lease and increase your Ravenglass property value

The value of Ravenglass leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate materialy once the unexpired lease term is below than eighty years

An extended lease has roughly the same value as a freehold

It is generally considered that a property with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years remaining, the premises will be worth the same as a freehold for many years ahead.

Lending institutions may not grant a mortgage with a short lease

The propensity since over the last decade has been for banks to tighten lending criteria generally - this has extended to the types of security over which the home loan is to be charged. This has resulted in the unexpired lease term required by lenders has increased. Historically mortgage companies would grant a mortgage on a lease with 25 years plus the term of the loan - typically fifty year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many use a minimum term of 75 years as standard.

Why use us for your lease extension in Ravenglass?

Irrespective of whether you are a tenant or a freeholder in Ravenglass,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Ravenglass valuers.

Ravenglass Lease Extension Case Summaries:

Ollie, Ravenglass, Cumbria

In recent months Ollie, started to get near to the eighty-year mark with the lease on his leasehold apartment in Ravenglass. In buying his property two decades ago, the length of the lease was of minimal importance. by good luck, he noticed he would soon be paying way over the odds for a lease extension. Ollie was able to extend his lease just under the wire in August. Ollie and the landlord eventually agreed on sum of £6,000 . If he failed to meet the deadline, the sum would have become more exhorbitant by at least £850.

Ravenglass case:

Last Autumn we were e-mailed by Dr Aimee Scott , who was assigned a lease of a purpose-built apartment in Ravenglass in February 2004. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by ninety years. Similar premises in Ravenglass with 100 year plus lease were worth £246,800. The average amount of ground rent was £60 billed per annum. The lease end date was in 2076. Given that there were 50 years left we approximated the compensation to the freeholder to extend the lease to be between £44,700 and £51,600 plus expenses.

Ravenglass case:

Last Winter we were phoned by Mr and Mrs. Y James , who took over the lease of a ground floor flat in Ravenglass in May 1997. The question was if we could estimate the price could be for a 90 year extension to my lease. Comparative residencies in Ravenglass with a long lease were worth £208,200. The mid-range ground rent payable was £65 invoiced quarterly. The lease end date was on 7 January 2087. Taking into account 61 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £20,000 and £23,000 exclusive of expenses.