The only way is down when it comes to Ravenscourt Park lease terms. Ravenscourt Park properties that have a remaining term less than than eighty years will de-escalate in market price even faster, and the cost to extend your lease will increase.
Leasehold premises in Ravenscourt Park with in excess of one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
The conveyancing solicitors that we work with undertake Ravenscourt Park 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.
Following protracted discussions with the landlord of her one bedroom apartment in Ravenscourt Park, Sarah started the lease extension process as the 80 year mark was quickly approaching. The transaction was finalised in August 2013. The landlord’s charges were kept to an absolute minimum.
Ms Charlotte Walker took over the lease of a one bedroom apartment in Ravenscourt Park in August 2006. We are asked if we could shed any light on how much (approximately) price would likely be for a 90 year extension to my lease. Comparative homes in Ravenscourt Park with 100 year plus lease were in the region of £290,000. The average ground rent payable was £45 invoiced annually. The lease elapsed in 2098. Taking into account 73 years remaining we estimated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 plus professional charges.
An example of a Freehold Enfranchisement case for a Ravenscourt Park residence 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 related to 2 flats. The unexpired term as at the valuation date was 68.32 years.