The market value of a leasehold property in Ripley is impacted by how many years the lease has left to run. If it is close to or fewer than 80 years you should envisage problems on re-sale, so it is recommended to arrange for a lease extension ahead of purchasing. It is preferable to start the process of extending the lease is when a lease still has 82 years to run so that all matters can be addressed in advance of the 80 year threshold. Current legislation enables Ripley qualifying lessees to acquire a lease extension of 90 years in addition to the remaining lease term at a peppercorn rent (that is, rent free). The reason of the valuation is to arrive at an opinion of the premium payable by the lessee to the freeholder for the purchase of the lease extension.
Leasehold premises in Ripley with in excess of one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Coventry Building Society | |
| Halifax | |
| National Westminster Bank | |
| Nationwide Building Society |
Lease extensions in Ripley can be a difficult process. We recommend you procure guidance 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 in-depth market knowledge procuring Ripley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Charlie owned a conversion apartment in Ripley on the market with a lease of fraction over 61 years unexpired. Charlie on an informal basis contacted his freeholder being a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £100 annually. Ordinarily, ground rent would not be due on a lease extension were Charlie to invoke his statutory right. Charlie procured expert legal guidance and secured satisfactory deal without resorting to tribunal and sell the flat.
Last Autumn we were called by Ms B James , who completed a basement flat in Ripley in October 2009. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be for a ninety year extension to my lease. Comparative homes in Ripley with 100 year plus lease were in the region of £255,000. The mid-range ground rent payable was £50 billed every twelve months. The lease concluded on 12 January 2097. Given that there were 71 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 not including expenses.
Last Christmas we were called by Mr J White , who was assigned a lease of a basement flat in Ripley in June 2012. The question was if we could estimate the premium could be to prolong the lease by ninety years. Similar homes in Ripley with a long lease were in the region of £254,200. The mid-range ground rent payable was £60 billed monthly. The lease termination date was in 2077. Given that there were 51 years left we estimated the premium to the landlord for the lease extension to be within £43,700 and £50,600 plus professional charges.