Top reasons for Ramsey lease extension

Why you should commence your Ramsey lease extension today:

Increase your lease and increase your Ramsey property value

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will ordinarily be granted for a set period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Ramsey. Clearly, the term of lease remaining shortens as time goes by. This may slip by relatively unnoticed when the residence has to be disposed of or re-mortgaged. The shorter the lease the less it is worth and the more it will cost to obtain a lease extension. Eligible leaseholders in Ramsey have the legal entitlement to extend the lease for an additional ninety years under statute. You should give due deliberation before putting off your Ramsey lease extension. Putting off that expense now simply increases the price you will eventually have to pay for a lease extension

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

Leasehold residencies in Ramsey with in excess of one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Mortgage lenders will not grant a mortgage with a short lease

Almost all mortgage lenders will not lend on a lease with less than seventy years remaining - although this varies from lender to lender. A purchaser will likely find it difficult in obtaining a mortgage and this will result in your Ramsey property being difficult to sell or to obtain finance on.

What makes us experts in Ramsey lease extensions?

Irrespective of whether you are a tenant or a freeholder in Ramsey,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Ramsey valuers.

Ramsey Lease Extension Case Studies:

Caleb, Ramsey, Cambridgeshire

During the course of the last few months Caleb, came dangerously near to the 80-year mark with the lease on his first floor apartment in Ramsey. Having purchased his home two decades ago, the length of the lease was of little interest. Fortunately, he noticed he needed to take action soon on a lease extension. Caleb was able to extend his lease just ahead of time last May. Caleb and the landlord who owned the flat above in the end settled on a premium of £5,500 . If the lease had dipped to less than eighty years, the amount would have increased by at least £1,150.

Ramsey case:

Mr and Mrs. G Bonnet bought a purpose-built apartment in Ramsey in March 2011. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by 90 years. Comparable homes in Ramsey with an extended lease were worth £213,600. The mid-range ground rent payable was £60 invoiced annually. The lease elapsed in 2083. Considering the 57 years left we estimated the premium to the landlord to extend the lease to be within £30,400 and £35,200 not including legals.

Ramsey case:

Last Summer we were called by Mr and Mrs. F Lewis , who took over the lease of a basement apartment in Ramsey in September 1995. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by an additional years. Similar flats in Ramsey with 100 year plus lease were valued about £200,000. The average ground rent payable was £50 billed yearly. The lease expiry date was on 18 May 2103. Having 77 years left we approximated the premium to the landlord for the lease extension to be between £8,600 and £9,800 not including expenses.