Why you should start your Ringmer lease extension

Main reasons to start your Ringmer lease extension today:

Increase your lease and increase your Ringmer property value

Ringmer leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. The majority of owners of residential leasehold property in Ringmer enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Ringmer you should see if your lease has between 70 and ninety years left. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension increases dramatically as an element of the premium you will incur is what is known as a marriage value

An extended lease is almost the same value as a freehold

It is generally accepted that a property with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Lenders may not grant a mortgage on a short lease

Lenders do not like short residential leases. You most probably encounter problems if you want to sell your flat in Ringmer if the unexpired term of your lease is below the criteria set by most banks and building societies. Different mortgage companies have different requirements but on the whole they are looking for a minimum remaining lease term of seventy years.

What makes us experts in Ringmer lease extensions?

Lease extensions in Ringmer can be a difficult process. We recommend you get professional help from a lawyer and valuer with experience in lease extensions.

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 procuring Ringmer lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Ringmer Lease Extension Case Summaries:

Theo, Ringmer, East Sussex

Two years ago Theo, came perilously near to the 80-year threshold with the lease on his two bedroom apartment in Ringmer. In buying his property 18 years ago, the unexpired term was of little concern. by good luck, he noticed he would imminently be paying an inflated amount for a lease extension. Theo was able to extend his lease just under the wire in August. Theo and the freeholder via the managing agents in the end agreed on a premium of £5,500 . If the lease had gone to less than eighty years, the premium would have become more costly by a minimum £1,100.

Ringmer case:

Last Autumn we were approach by Mr and Mrs. T Green , who took over the lease of a basement flat in Ringmer in August 2003. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Identical homes in Ringmer with an extended lease were worth £205,000. The mid-range ground rent payable was £50 collected quarterly. The lease expired in 2105. Given that there were 79 years remaining we estimated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of professional charges.

Ringmer case:

Ms Ellen Bailey completed a studio apartment in Ringmer in October 2010. We are asked if we could approximate the price would be for a 90 year lease extension. Comparative residencies in Ringmer with 100 year plus lease were worth £275,000. The average ground rent payable was £65 collected per annum. The lease came to a finish on 26 August 2094. Taking into account 68 years unexpired we estimated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 plus fees.