Top reasons for Ryde lease extension

Why you should start your Ryde lease extension today:

Increase your lease and increase your Ryde property value

The market value of a leasehold property in Ryde is impacted by how many years the lease has left to run. If it is close to or fewer than eighty years you should expect difficulties on re-sale, so it is advisable to arrange for a lease extension before buying. Ideally one should start the process of extending the lease is when the lease still has 82 years to run so that a lease extension can be finalised well before the eighty year mark. Leasehold Reform legislation enables Ryde qualifying lessees to an additional term of ninety years on top of the unexpired term, at a peppercorn rent (zero ground rent). The purpose of the valuation is to arrive at an opinion of the amount payable by the lessee to the freeholder for the purchase of the lease extension.

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the residence will be worth the same as a freehold for decades to come.

Lending institutions may decide not to loan monies with a short lease

The definition of a short lease varies by mortgage company, yet mortgage lenders start to become concerned at around 75 years. This may cause difficulties once you come to dispose of or refinance your property as it will be effectively unmortgageable. Even though you may not have an immediate plan to sell but when you do your buyer must wait a couple of years before being able to exercise the right to a an extension to the lease.

What makes us experts in Ryde lease extensions?

Irrespective of whether you are a tenant or a freeholder in Ryde,the lease extension experts 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 Ryde valuers.

Ryde Lease Extension Case Studies:

Ryan, Ryde, Isle Of Wight

Two years ago Ryan, started to get near to the 80-year mark with the lease on his ground floor apartment in Ryde. Having purchased his flat 18 years previously, the unexpired term was of no importance. Luckily, he realised he would soon be paying way over the odds for a lease extension. Ryan extended the lease at the eleventh hour in July. Ryan and the landlord who owned the flat above in the end agreed on sum of £6,000 . If the lease had gone lower than eighty years, the price would have escalated by at least £1,150.

Ryde case:

Last Autumn we were called by Mr and Mrs. W Martínez , who bought a recently refurbished apartment in Ryde in April 2007. We are asked if we could approximate the premium could be to prolong the lease by an additional years. Identical residencies in Ryde with 100 year plus lease were worth £265,000. The mid-range amount of ground rent was £50 billed annually. The lease ran out in 2099. Given that there were 73 years left we calculated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of fees.

Ryde case:

Mr and Mrs. C Gray bought a basement apartment in Ryde in September 2002. The dilemma was if we could approximate the premium would be to extend the lease by 90 years. Identical homes in Ryde with a long lease were worth £264,000. The average ground rent payable was £60 invoiced quarterly. The lease finished on 27 November 2079. Considering the 53 years unexpired we approximated the compensation to the landlord to extend the lease to be within £37,100 and £42,800 plus legals.