The only way is down when it comes to Ryde lease terms. Ryde flats that have a remaining term fewer than eighty years will reduce in value even faster, and the cost of extending your lease will rise.
It is generally accepted that a property with over one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the premises will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| Nationwide Building Society | |
| Royal Bank of Scotland | |
| Virgin |
Engaging our service will provide you better control over the value of your Ryde leasehold, as your property will be more valuable and marketable in respect 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.
Owen owned a high value flat in Ryde on the market with a lease of a few days over 59 years left. Owen informally approached his freeholder being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £125 yearly. No ground rent would be payable on a lease extension were Owen to exercise his statutory right. Owen procured expert legal guidance and secured satisfactory deal without going to tribunal and readily saleable.
Dr C Lambert purchased a studio apartment in Ryde in November 2005. The question was if we could estimate the compensation to the landlord would likely be to extend the lease by an additional years. Similar flats in Ryde with 100 year plus lease were valued about £250,000. The mid-range amount of ground rent was £50 invoiced annually. The lease expired on 9 July 2095. Taking into account 69 years outstanding we approximated the premium to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of professional charges.
Dr George Harris purchased a purpose-built apartment in Ryde in September 1997. The dilemma was if we could approximate the premium would be for a 90 year extension to my lease. Identical flats in Ryde with a long lease were valued around £285,000. The average ground rent payable was £55 billed quarterly. The lease lapsed in 2106. Taking into account 80 years remaining we approximated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 not including expenses.