With a domestic leasehold property in Ripley, you are in fact renting it for a certain amount of time. In recent years flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you may consider a lease extension sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease gets disproportionately more expensive especially when there are less than 80 years left. Anyone in Ripley with a lease approaching 81 years remaining should seriously think of extending it sooner than later. Once a lease has under 80 years outstanding, under the relevant statute the landlord is entitled to calculate and charge a greater amount, based on a technical multiplication, known as “marriage value” which is due.
It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Godiva Mortgages | |
| Royal Bank of Scotland | |
| Virgin | |
| Yorkshire Building Society |
Lease extensions in Ripley can be a difficult process. We recommend you procure guidance from a conveyancer and surveyor with experience in this area.
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 dealing with Ripley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Jake owned a conversion flat in Ripley on the market with a lease of just over 61 years unexpired. Jake on an informal basis spoke with his landlord a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent initially set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Jake to invoke his statutory right. Jake procured expert legal guidance and secured an acceptable resolution informally and ending up with a market value flat.
Last Autumn we were e-mailed by Dr Owen Thompson , who purchased a garden apartment in Ripley in September 2005. We are asked if we could estimate the price would likely be to extend the lease by 90 years. Comparable residencies in Ripley with an extended lease were in the region of £261,600. The average ground rent payable was £60 billed annually. The lease ran out in 2078. Considering the 52 years outstanding we approximated the premium to the landlord for the lease extension to be between £39,000 and £45,000 plus costs.
Dr J André completed a purpose-built apartment in Ripley in October 2010. We are asked if we could approximate the price would likely be to extend the lease by a further 90 years. Comparative flats in Ripley with an extended lease were in the region of £218,000. The average ground rent payable was £45 invoiced yearly. The lease finished on 20 July 2089. Taking into account 63 years unexpired we approximated the premium to the freeholder to extend the lease to be within £17,100 and £19,800 exclusive of expenses.