When it comes to domestic leasehold premises in Ravensthorpe, you are in fact renting it for a certain amount of time. These days flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you should consider extending the lease sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease gets disproportionately more expensive especially once there are less than eighty years remaining. Leasehold owners in Ravensthorpe with a lease nearing 81 years remaining should seriously consider extending it without delay. Once a lease has below eighty years outstanding, under the current statute the landlord is entitled to calculate and demand a larger premium, based on a technical multiplication, known as “marriage value” which is payable.
Leasehold properties in Ravensthorpe with more than 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Nationwide Building Society | |
| Santander | |
| The Mortgage Works | |
| Royal Bank of Scotland |
Irrespective of whether you are a tenant or a freeholder in Ravensthorpe,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Ravensthorpe valuers.
Stanley owned a 2 bedroom flat in Ravensthorpe being sold with a lease of a few days over fifty eight years unexpired. Stanley on an informal basis contacted his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £200 per annum. No ground rent would be payable on a lease extension were Stanley to invoke his statutory right. Stanley procured expert advice and secured satisfactory resolution without going to tribunal and readily saleable.
Mr C Gómez completed a one bedroom flat in Ravensthorpe in March 1999. The question was if we could shed any light on how much (approximately) premium would likely be to prolong the lease by ninety years. Comparative flats in Ravensthorpe with a long lease were worth £181,600. The average ground rent payable was £55 invoiced every twelve months. The lease lapsed on 23 March 2078. Having 52 years left we estimated the compensation to the landlord to extend the lease to be between £30,400 and £35,200 exclusive of fees.
Mrs Ella Howard owned a basement apartment in Ravensthorpe in January 2004. We are asked if we could approximate the premium could be to prolong the lease by ninety years. Similar homes in Ravensthorpe with 100 year plus lease were worth £290,000. The mid-range ground rent payable was £45 billed per annum. The lease finished in 2098. Having 72 years remaining we estimated the compensation to the freeholder for the lease extension to be between £11,400 and £13,200 plus professional charges.