The closer a residential lease in Ravenshead gets to zero years unexpired, the the greater the reduction in the value of the property. If the lease has, more than 99 years remaining then this decrease may be fractional however there will become a stage when a lease has fewer than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary reason why you should consider extending sooner than later. Many flat owners in Ravenshead will qualify for this right; however a conveyancer can confirm if you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
Leasehold residencies in Ravenshead with more than 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Halifax | |
| National Westminster Bank |
Regardless of whether you are a tenant or a freeholder in Ravenshead,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Ravenshead valuers.
Subsequent to protracted correspondence with the freeholder of her leasehold flat in Ravenshead, Rachel commenced the lease extension process as the eighty year deadline was swiftly nearing. The legal work completed in January 2013. The landlord’s fees were kept to an absolute minimum.
Last year we were e-mailed by Mr and Mrs. D Petit , who completed a basement flat in Ravenshead in April 2008. We are asked if we could shed any light on how much (roughly) price could be to prolong the lease by a further 90 years. Similar premises in Ravenshead with an extended lease were valued about £216,000. The mid-range amount of ground rent was £60 billed yearly. The lease ran out in 2084. Having 58 years unexpired we calculated the premium to the freeholder to extend the lease to be between £28,500 and £33,000 exclusive of costs.
In 2010 we were e-mailed by Mr and Mrs. G Bailey who, having owned a first floor apartment in Ravenshead in September 2005. The dilemma was if we could approximate the price would be to prolong the lease by an additional years. Identical homes in Ravenshead with 100 year plus lease were valued about £200,000. The average ground rent payable was £50 billed per annum. The lease terminated on 4 April 2104. Taking into account 78 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of professional charges.