With a domestic leasehold premises in Ravenscourt Park, you are actually buying a right to live in a property for a set period of time. Modern flat leases are usually granted for 99 years or 125. Even though this may appear like a long period of time, you should think about extending the lease sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly notably when there are fewer than eighty years left. Residents in Ravenscourt Park with a lease nearing 81 years remaining should seriously consider extending it sooner as opposed to later. Once a lease has under 80 years outstanding, under the relevant statute the landlord is entitled to calculate and demand a greater premium, assessed on a technical computation, known as “marriage value” which is due.
It is generally considered that a property with more than one hundred years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Engaging our service will provide you better control over the value of your Ravenscourt Park leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Henry was the the leasehold proprietor of a 2 bedroom flat in Ravenscourt Park on the market with a lease of fraction over fifty eight years outstanding. Henry informally spoke with his freeholder being a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £100 per annum. Ordinarily, ground rent would not be payable on a lease extension were Henry to invoke his statutory right. Henry procured expert legal guidance and secured satisfactory resolution without resorting to tribunal and ending up with a market value flat.
Mr Jasper Collins completed a purpose-built apartment in Ravenscourt Park in July 1998. The question was if we could estimate the price would likely be to prolong the lease by an additional years. Comparable homes in Ravenscourt Park with 100 year plus lease were worth £275,000. The mid-range ground rent payable was £65 billed quarterly. The lease lapsed on 5 April 2093. Having 68 years remaining we approximated the premium to the landlord for the lease extension to be within £13,300 and £15,400 not including legals.
An example of a Freehold Enfranchisement case for a Ravenscourt Park property is 19 Crisp Road in June 2009. Following a vesting order (Under section 26 of the Leasehold Reform,Housing and Urban Development Act 1993) The tribunal determined that the premium payable for the acquisition of the freehold was £33,756,apportioned as to£12,285 for the lower at and £21,471for the upper fat. This case affected 2 flats. The number of years remaining on the existing lease(s) was 68.32 years.