Main reasons to commence your Ryhall lease extension

Top reasons for lease extension now:

A Ryhall lease depreciates with the years remaining on the lease.

The market value of Ryhall leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate substantially once the remaining term is below than 80 years

An extended lease has roughly the same value as a freehold

Leasehold residencies in Ryhall with in excess of one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and maintenance charges warrant it.

Lenders may decide not to loan monies with a short lease

The propensity since over the last decade has been for banks to tighten lending criteria generally - this has extended to the types of security over which the mortgage is to be charged. This has meant the unexpired lease term required by banks has increased. Historically banks would lend on a lease with 25 years plus the term of the loan - typically 50 year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many use a minimum term of 75 years as a prerequisite.

Get in touch with one of our Ryhall lease extension solicitors or enfranchisement solicitors

Using our service will provide you increased control over the value of your Ryhall leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Ryhall Lease Extension Example Cases:

Elijah, Ryhall, Rutland,

Elijah was the the leasehold proprietor of a high value flat in Ryhall on the market with a lease of a few days over fifty eight years outstanding. Elijah on an informal basis contacted his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years subject to a new rent at the outset set at £150 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Elijah to exercise his statutory right. Elijah procured expert advice and secured an acceptable deal without going to tribunal and ending up with a market value flat.

Ryhall case:

In 2010 we were contacted by Dr Blake Torres who, having moved into a one bedroom flat in Ryhall in September 2009. The question was if we could shed any light on how much (approximately) price could be to prolong the lease by ninety years. Comparable flats in Ryhall with an extended lease were worth £295,000. The mid-range ground rent payable was £45 collected per annum. The lease finished on 4 February 2100. Given that there were 75 years unexpired we estimated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 not including fees.

Ryhall case:

Last Autumn we were phoned by Dr P Evans , who took over the lease of a first floor flat in Ryhall in October 2003. The dilemma was if we could approximate the price would be to prolong the lease by 90 years. Comparable premises in Ryhall with 100 year plus lease were in the region of £250,400. The mid-range amount of ground rent was £65 invoiced monthly. The lease came to a finish on 19 February 2089. Considering the 64 years left we estimated the compensation to the landlord to extend the lease to be between £19,000 and £22,000 exclusive of expenses.