Why you should start your The Ridgeway lease extension

Main reasons to commence your The Ridgeway lease extension today:

A The Ridgeway lease depreciates with the years remaining on the lease.

When it comes to domestic leasehold property in The Ridgeway, you are in fact renting it for a certain amount of time. In recent years flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you should consider extending the lease sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly particularly once there are less than 80 years remaining. Leasehold owners in The Ridgeway with a lease approaching 81 years remaining should seriously think of extending it sooner as opposed to later. When the lease term has less than 80 years outstanding, under the current legislation the freeholder can calculate and charge a greater amount, based on a technical calculation, strangely termed as “marriage value” which is due.

The Ridgeway property with a lease extension has roughly the same value as a freehold

It is generally accepted that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the premises will be worth the same as a freehold for decades to come.

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

Most high street banks are making their criteria more stringent and a meaningful number now expect flats to have at least sixty if not seventy years left once the mortgage has expired. As plenty of flats in The Ridgeway were built in the 1950s, 1960s and 1970s this means many now require lease extensions if they wish to get a mortgage.

Why use us for your lease extension in The Ridgeway?

Regardless of whether you are a tenant or a freeholder in The Ridgeway,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with The Ridgeway valuers.

The Ridgeway Lease Extension Case Summaries:

Seth, The Ridgeway, North London

In recent months Seth, started to get close to the 80-year mark with the lease on his purpose- built apartment in The Ridgeway. Having bought his property two decades ago, the unexpired term was of no bearing. Fortunately, it dawned on him that he needed to take action soon on Extending the lease. Seth was able to extend his lease just under the wire in January. Seth and the freeholder via the managing agents subsequently agreed on a premium of £6,000 . If the lease had slipped to less than 80 years, the amount would have escalated by at least £1,125.

The Ridgeway case:

Last year we were approach by Mr Joshua Garcia , who took over the lease of a studio apartment in The Ridgeway in August 2005. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by an additional years. Identical homes in The Ridgeway with a long lease were worth £270,000. The average amount of ground rent was £55 invoiced monthly. The lease terminated in 2100. Given that there were 74 years remaining we approximated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of professional charges.