Unfortunately that a Ripley residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the first few years due to the depreciation being disguised by increases in the Ripley property market.Where your lease has approximately 90 years left, you should start considering a lease extension. If the number of years remaining dips under eighty years, you will then be required to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property Most flat owners in Ripley will be able to extend under the legislation; however a lawyer will be able to confirm if you qualify for an extension. In some situations you may not qualify. There are also strict timetables and procedures to follow once the process has commenced and you will need to be guided by your conveyancer from beginning to end of the process.
It is generally accepted that a property with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years left, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Godiva Mortgages | |
| Nationwide Building Society | |
| Royal Bank of Scotland | |
| Virgin | |
| Yorkshire Building Society |
The lawyers that we work with procure Ripley 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.
Following protracted discussions with the freeholder of her studio apartment in Ripley, Kirsty initiated the lease extension process just as her lease was nearing the all-important eighty-year threshold. The legal work completed in November 2009. The landlord’s fees were restricted to slightly above 550 GBP.
Mr and Mrs. M Flores moved into a recently refurbished apartment in Ripley in June 1995. The dilemma was if we could estimate the premium could be to extend the lease by a further 90 years. Identical premises in Ripley with a long lease were worth £242,600. The mid-range amount of ground rent was £45 invoiced monthly. The lease expired in 2093. Considering the 67 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £11,400 and £13,200 exclusive of fees.
Mrs Daisy Johnson bought a studio apartment in Ripley in February 2007. We are asked if we could estimate the premium would be to extend the lease by an additional years. Identical residencies in Ripley with a long lease were worth £280,000. The mid-range ground rent payable was £55 billed quarterly. The lease came to a finish in 2104. Taking into account 78 years outstanding we approximated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 exclusive of fees.