When it comes to long leasehold property in Ramsey, you effectively rent it for a certain period of time. In recent years flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you should consider extending the lease sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly particularly when there are fewer than eighty years left. Residents in Ramsey with a lease drawing near to 81 years unexpired should seriously think of extending it as soon as possible. When a lease has under 80 years left, under the current statute the landlord can calculate and charge a greater amount, assessed on a technical multiplication, strangely termed as “marriage value” which is due.
Leasehold residencies in Ramsey with in excess of one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges warrant it.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | |
| Nationwide Building Society | |
| Royal Bank of Scotland | |
| Virgin | |
| Yorkshire Building Society |
The conveyancing solicitors that we work with procure Ramsey lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.
Alex was the the leasehold owner of a 2 bedroom apartment in Ramsey being marketed with a lease of fraction over 72 years remaining. Alex on an informal basis contacted his landlord being a well known Manchester-based freehold company for a lease extension. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £200 annually. No ground rent would be payable on a lease extension were Alex to exercise his statutory right. Alex procured expert legal guidance and secured an acceptable resolution without resorting to tribunal and ending up with a market value flat.
Last Autumn we were approach by Mrs W Richardson , who completed a studio flat in Ramsey in March 2000. We are asked if we could shed any light on how much (approximately) price would likely be for a ninety year extension to my lease. Similar homes in Ramsey with a long lease were valued around £233,200. The mid-range ground rent payable was £60 billed monthly. The lease expired on 11 May 2087. Given that there were 61 years left we estimated the premium to the freeholder to extend the lease to be within £22,800 and £26,400 exclusive of professional charges.
In 2014 we were e-mailed by Dr B Girard who, having acquired a studio flat in Ramsey in July 2000. The question was if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year extension to my lease. Identical premises in Ramsey with an extended lease were in the region of £171,800. The average amount of ground rent was £55 invoiced every twelve months. The lease came to a finish in 2076. Considering the 50 years remaining we calculated the premium to the landlord for the lease extension to be between £33,300 and £38,400 exclusive of professional charges.