Ravensthorpe leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. It is the case that most Ravensthorpe tenants have the right to extend their lease by an additional 90 years by virtue of the 1993 Leasehold Reform Act. Where you are a leasehold owner in Ravensthorpe you really ought to investigate if your lease has between 70 and 90 years left. In particular once the remaining lease term slips under eighty years, the cost of any lease extension sharply increases as part of the premium you pay is what is known as a marriage value
It is generally considered that a residential leasehold with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Birmingham Midshires | |
| Nationwide Building Society | |
| TSB | |
| The Mortgage Works |
Lease extensions in Ravensthorpe can be a difficult process. We recommend you procure professional help from a conveyancer and valuer well versed in the legislation and lease extension process.
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 a wealth of experience dealing with Ravensthorpe lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In 2014 William, came precariously near to the eighty-year mark with the lease on his first floor flat in Ravensthorpe. Having purchased his home twenty years ago, the lease term was of no concern. Luckily, he recognised he would soon be paying an escalated premium for Extending the lease. William extended the lease at the eleventh hour last July. William and the freeholder ultimately settled on a premium of £6,000 . If the lease had fallen lower than 80 years, the price would have become more exhorbitant by a minimum £1,075.
Mr and Mrs. H Garcia completed a one bedroom flat in Ravensthorpe in May 2003. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by 90 years. Comparable homes in Ravensthorpe with a long lease were valued around £285,000. The mid-range amount of ground rent was £45 billed quarterly. The lease finished in 2097. Given that there were 71 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of fees.
Mrs Y Rodríguez moved into a basement apartment in Ravensthorpe in August 2006. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year extension to my lease. Identical residencies in Ravensthorpe with 100 year plus lease were in the region of £230,800. The mid-range ground rent payable was £60 invoiced every twelve months. The lease finished in 2086. Given that there were 60 years as a residual term we approximated the premium to the landlord to extend the lease to be between £24,700 and £28,600 exclusive of expenses.