Main reasons to start your Ramsey lease extension

Top reasons for lease extension now:

A Ramsey lease depreciates with the years remaining on the lease.

Ramsey leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. The majority of owners of residential leasehold property in Ramsey enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Ramsey you must see if your lease has between seventy and ninety years remaining. There are good reasons why a Ramsey flat owner with a lease having around eighty years left should take steps to ensure that a lease extension is actioned without delay

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

Leasehold premises in Ramsey with over 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.

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

Banks and Building Societies have set criteria when lending monies secured on leasehold homes. Some will simply refrain from lending at all once the remaining lease term slips lower than a certain unexpired lease term. Many Lending institutions will not consider property with an unexpired term of less than seventy years suitable security. In addition to impacting your ability to sell, it is also relevant if you are seeking to refinance your Ramsey home.

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

Lease extensions in Ramsey can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Ramsey lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Ramsey Lease Extension Example Cases:

Elizabeth, Ramsey, Cambridgeshire,

In the wake of 6 months of protracted discussions with the freeholder of her first floor flat in Ramsey, Elizabeth initiated the lease extension process as the 80 year deadline was fast approaching. The lease extension completed in November 2011. The landlord’s costs were kept to an absolute minimum.

Ramsey case:

Mrs K Mercier bought a purpose-built apartment in Ramsey in November 2011. We are asked if we could shed any light on how much (approximately) price could be for a ninety year extension to my lease. Similar residencies in Ramsey with 100 year plus lease were in the region of £257,800. The mid-range ground rent payable was £65 collected monthly. The lease expired on 23 July 2091. Considering the 65 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £18,100 and £20,800 plus fees.

Ramsey case:

Last month we were contacted by Mr and Mrs. N Richardson , who was assigned a lease of a one bedroom flat in Ramsey in June 2006. The dilemma was if we could approximate the price would be to extend the lease by a further 90 years. Similar flats in Ramsey with a long lease were worth £196,400. The mid-range amount of ground rent was £55 collected per annum. The lease finished in 2080. Taking into account 54 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £35,200 and £40,600 exclusive of legals.