Rufford 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 becomes more expensive. Legislation has been in place for sometime now which entitles qualifying Rufford residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Rufford you really ought to check if your lease has between seventy and ninety years left. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension increases dramatically as an element of the premium you will incur is what is known as a marriage value
It is generally accepted that a residential leasehold with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Leeds Building Society | |
| Skipton Building Society | |
| TSB | |
| The Mortgage Works |
Retaining our service will provide you enhanced control over the value of your Rufford leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
In the wake of 6 months of unsuccessful correspondence with the landlord of her garden apartment in Rufford, Elizabeth commenced the lease extension process just as the lease was approaching the all-important 80-year deadline. The transaction was finalised in February 2010. The landlord’s costs were negotiated to slightly above 450 GBP.
Last month we were e-mailed by Ms Paige Ali , who acquired a one bedroom flat in Rufford in March 2008. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by a further 90 years. Identical homes in Rufford with 100 year plus lease were worth £243,000. The mid-range ground rent payable was £65 collected annually. The lease lapsed in 2089. Having 63 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £20,000 and £23,000 plus costs.
Dr W Girard acquired a ground floor apartment in Rufford in January 2006. The dilemma was if we could approximate the compensation to the landlord would be for a ninety year lease extension. Comparable premises in Rufford with 100 year plus lease were worth £181,600. The mid-range ground rent payable was £55 invoiced annually. The lease elapsed in 2078. Having 52 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £30,400 and £35,200 not including expenses.