Unfortunately that a Ryhall residential lease is a wasting asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the first few years due to the depreciation being disguised by increases in the Ryhall property prices.Once your lease nears 85ish years, you should start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips below eighty years - otherwise a higher amount will be due. The majority of flat owners in Ryhall will be able to extend under the legislation; however a conveyancer will be able to confirm if you are eligibility. In some situations you may not be entitled. There are also strict timetables and procedures to follow once the process has commenced and you will need to be guided by your conveyancer for the duration of the process.
It is generally considered that a residential leasehold with more than 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Lease extensions in Ryhall can be a difficult process. We recommend you secure guidance from a conveyancer and surveyor with experience in this area.
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 in-depth market knowledge procuring Ryhall lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In recent months Aiden, came critically close to the eighty-year threshold with the lease on his two bedroom apartment in Ryhall. In buying his flat two decades ago, the unexpired term was of no concern. Thankfully, he became aware that he needed to take steps soon on Extending the lease. Aiden extended the lease just under the wire in April. Aiden and the freeholder via the managing agents eventually agreed on sum of £6,000 . If the lease had fallen to less than 80 years, the premium would have become more exhorbitant by a minimum £1,025.
Mr and Mrs. C Morris took over the lease of a garden flat in Ryhall in June 2011. The question was if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year extension to my lease. Comparative properties in Ryhall with a long lease were valued around £243,000. The mid-range amount of ground rent was £65 collected per annum. The lease came to a finish in 2088. Taking into account 63 years outstanding we calculated the premium to the landlord for the lease extension to be between £20,000 and £23,000 not including fees.
Last Autumn we were phoned by Mr and Mrs. W Taylor , who took over the lease of a ground floor apartment in Ryhall in April 2005. We are asked if we could approximate the price would likely be for a 90 year lease extension. Similar premises in Ryhall with a long lease were in the region of £181,600. The mid-range ground rent payable was £55 invoiced quarterly. The lease elapsed in 2077. Given that there were 52 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £30,400 and £35,200 exclusive of expenses.