Main reasons to start your Ripley lease extension

Top reasons for lease extension now:

A Ripley lease depreciates with the years remaining on the lease.

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will usually be granted for a fixed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Ripley. Clearly, the period of lease left reduces as time goes by. This may pass by relatively unnoticed when the property needs to be disposed of or refinanced. The fewer the years remaining the less it is worth and the more it will cost to extend the lease. Qualifying leaseholders in Ripley have the right to extend the lease for an additional ninety years in accordance with the 1993 Leasehold Reform Act. Do give careful consideration before delaying your Ripley lease extension. Holding off the cost now only increases the price you will eventually have to pay for a lease extension

Ripley property with a lease extension has roughly the same value as a freehold

Leasehold premises in Ripley with over 100 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 premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.

Lending institutions will not finance a property on a short lease

Most mortgage lenders have constrained their lending criteria in the last ten years and borrowers are encountering difficulties in arranging funding or re-mortgage against property with shorter lease terms, particularly below 75 years as they are deemed to be insufficient for lending purposes.

Why use us for your lease extension in Ripley?

Engaging 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 conveyancing solicitors 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:

Caitlin, Ripley, Derbyshire,

Trailing unsuccessful discussions with the freeholder of her leasehold apartment in Ripley, Caitlin commenced the lease extension process as the 80 year deadline was quickly approaching. The transaction was concluded in January 2011. The freeholder’s fees were kept to an absolute minimum.

Ripley case:

Dr Rebecca Norbert bought a garden flat in Ripley in June 2005. The dilemma was if we could shed any light on how much (approximately) premium would be to prolong the lease by ninety years. Comparative residencies in Ripley with an extended lease were in the region of £270,000. The mid-range amount of ground rent was £55 collected per annum. The lease elapsed on 23 September 2101. Taking into account 75 years left we calculated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 plus expenses.

Ripley case:

In 2014 we were phoned by Mr and Mrs. Y Cook who, having took over the lease of a first floor flat in Ripley in August 1999. We are asked if we could estimate the price would likely be to prolong the lease by ninety years. Comparable homes in Ripley with a long lease were valued around £173,800. The average amount of ground rent was £60 billed every twelve months. The lease expiry date was on 14 February 2081. Taking into account 55 years left we approximated the compensation to the freeholder for the lease extension to be between £31,400 and £36,200 not including costs.