The closer a residential lease in Ramsey gets to zero years unexpired, the the greater the reduction in the value of the property. If the lease has, beyond 125 years to run then this decrease may be negligible that being said there will become a point in time when a lease has under than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary rational as to why you should consider extending sooner as opposed to later. Many flat owners in Ramsey will qualify for this right; however a conveyancer will be able to advise if you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.
Leasehold properties in Ramsey with in excess of 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Leeds Building Society | |
| Nationwide Building Society | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
Lease extensions in Ramsey can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor 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 a wealth of experience 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.
Last Summer Callum, came critically near to the 80-year threshold with the lease on his leasehold flat in Ramsey. In buying his property twenty years ago, the length of the lease was of no significance. As luck would have it, he noticed he needed to take action soon on Extending the lease. Callum was able to extend his lease just under the wire in January. Callum and the landlord who owned the flat above in the end agreed on the final figure of £5,500 . If he not met the deadline, the sum would have increased by a minimum £1,050.
Last Summer we were phoned by Dr M François , who took over the lease of a ground floor apartment in Ramsey in July 2007. The dilemma was if we could estimate the premium would be to extend the lease by an additional years. Similar homes in Ramsey with a long lease were valued about £189,000. The average ground rent payable was £55 collected annually. The lease finished on 21 May 2079. Taking into account 53 years remaining we approximated the compensation to the landlord for the lease extension to be within £28,500 and £33,000 exclusive of costs.
In 2010 we were contacted by Mr George Johnson who, having moved into a basement flat in Ramsey in July 2008. The question was if we could estimate the premium would likely be for a ninety year lease extension. Similar properties in Ramsey with 100 year plus lease were in the region of £290,000. The mid-range ground rent payable was £45 collected annually. The lease finished in 2099. Considering the 73 years left we calculated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 not including professional charges.