Main reasons to start your The Ridgeway lease extension

Top reasons for lease extension now:

Increase your lease and increase your The Ridgeway property value

Unfortunately that a The Ridgeway residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. 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 The Ridgeway property market.Where your lease has approximately ninety years left, you need to start considering a lease extension. If the number of years remaining dips below eighty years, you will then be required to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add the property The majority of leasehold owners in The Ridgeway will be able to extend under the legislation; however a lawyer should be able to confirm whether you are eligibility. In some situations you may not qualify. There are also strict timetables and procedures to be adhered to once the process is instigated and you will need to be guided by your lawyer from beginning to end of the formalities.

The Ridgeway property with a lease extension is almost the same value as a freehold

It is generally considered that a residential leasehold with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the property will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may decide not to loan monies on a short lease

Banks and building societies are really restricting their approach as regards to homes in The Ridgeway with short leases. For instance you may find that their lending requirements are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so where you needed to sell, your only options would be to find a cash purchaser, or hope for the best at auction thus restricting the amount of prospective buyers.

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

Using our service gives you better control over the value of your The Ridgeway leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

The Ridgeway Lease Extension Case Studies:

Harrison, The Ridgeway, North London

Last year Harrison, came very near to the 80-year threshold with the lease on his two bedroom flat in The Ridgeway. In buying his property two decades ago, the lease term was of minimal significance. Luckily, he became aware that he needed to take steps soon on a lease extension. Harrison was able to extend his lease just under the wire last July. Harrison and the landlord eventually agreed on a premium of £5,000 . If the lease had dipped to less than 80 years, the amount would have escalated by at least £850.

The Ridgeway case:

Mr and Mrs. N Leroy was assigned a lease of a purpose-built apartment in The Ridgeway in January 2007. We are asked if we could estimate the premium could be for a ninety year extension to my lease. Identical premises in The Ridgeway with an extended lease were in the region of £173,800. The average ground rent payable was £65 invoiced annually. The lease elapsed on 4 June 2081. Having 55 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £31,400 and £36,200 not including fees.