Stop! Your Lease Extension in Ripley Could Be FREE

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Many leaseholders in Ripley are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Ripley has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Top reasons for Ripley lease extension

Top reasons for lease extension now:

Increase your lease and increase your Ripley property value

On the balance of probabilities if you own a flat in Ripley you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold properties in Ripley with in excess of 100 years left on the lease are sometimes 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 to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.

Banks and Building Societies may not loan monies on a short lease

Almost all mortgage companies require a lengthy amount of time remaining on any leasehold residence before they will consider providing a mortgage on it. Even if you don't require a mortgage, you should keep in mind that it is probable that someone wanting to purchase your property in the future might well do, so if they are unable to secure a mortgage, then the market price of your property could suffer. Since 2008 many banks and building societies have increased the required minimum lease length that they are prepared to accept

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Why use us for your lease extension in Ripley?

Retaining our service gives you better control over the value of your Ripley leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Ripley Lease Extension Example Cases:

Holly, Ripley, Derbyshire,

Trailing lengthy correspondence with the landlord of her ground floor flat in Ripley, Holly started the lease extension process just as the lease was approaching the crucial 80-year deadline. The transaction completed in February 2005. The freeholder’s charges were kept to an absolute minimum.

Ripley case:

Ms S Rose owned a one bedroom apartment in Ripley in November 2003. The dilemma was if we could shed any light on how much (roughly) premium would likely be for a ninety year extension to my lease. Comparative homes in Ripley with an extended lease were worth £254,200. The average amount of ground rent was £60 invoiced quarterly. The lease ran out on 18 July 2077. Taking into account 51 years remaining we approximated the premium to the landlord for the lease extension to be between £43,700 and £50,600 exclusive of fees.

Ripley case:

Mrs Alexandra Cox took over the lease of a ground floor flat in Ripley in November 2003. The dilemma was if we could shed any light on how much (roughly) price could be to prolong the lease by ninety years. Comparable flats in Ripley with an extended lease were valued about £210,600. The average amount of ground rent was £45 billed every twelve months. The lease lapsed on 2 June 2088. Given that there were 62 years left we approximated the compensation to the landlord to extend the lease to be between £18,100 and £20,800 plus legals.