It’s a harsh certainty that a Ryhope residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the first few years due to the loss of value being disguised by increases in the Ryhope property prices.Where your lease has approximately ninety years left, you should start thinking about a lease extension. If the number of years remaining falls under 80 years, you will then be required to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property The majority of flat owners in Ryhope will be able to extend under the legislation; however a conveyancing solicitor will be able to confirm if you qualify for an extension. In some cases you may not be entitled. There are also strict deadlines and procedures to follow once the process has commenced and you will need to be guided by your conveyancer from beginning to end of the process.
It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Coventry Building Society | |
| National Westminster Bank | |
| Santander |
Retaining our service will provide you better control over the value of your Ryhope leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Trailing unsuccessful negotiations with the freeholder of her one bedroom flat in Ryhope, Aimee started the lease extension process as the 80 year threshold was rapidly approaching. The lease extension was concluded in March 2013. The freeholder’s charges were kept to an absolute minimum.
In 2012 we were called by Mr and Mrs. A Smith who, having owned a garden apartment in Ryhope in August 2012. The question was if we could estimate the price would be for a 90 year extension to my lease. Similar premises in Ryhope with a long lease were worth £255,000. The mid-range ground rent payable was £50 collected annually. The lease finished in 2097. Considering the 71 years as a residual term we approximated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including fees.
Last Summer we were approach by Dr Jade Moreau , who owned a purpose-built flat in Ryhope in June 2003. The dilemma was if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Similar properties in Ryhope with an extended lease were valued about £254,200. The average amount of ground rent was £60 collected annually. The lease concluded on 24 April 2077. Considering the 51 years as a residual term we calculated the compensation to the landlord for the lease extension to be within £43,700 and £50,600 plus fees.