Stop! Your Lease Extension in Ravenscourt Park Could Be FREE

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Many leaseholders in Ravenscourt Park 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 Ravenscourt Park 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.

Main reasons to commence your Ravenscourt Park lease extension

Top reasons for lease extension now:

Increase your lease and increase your Ravenscourt Park property value

Owning a apartment usually means owning a lease of the property, which has a finite term of years. This lease will usually be granted for a set period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Ravenscourt Park. Inevitably, the period of lease remaining shortens 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 expensive it will be to procure a lease extension. Qualifying long lease owners in Ravenscourt Park have the right to extend the lease for an additional ninety years under Leasehold Reform legislation. Please give due consideration before delaying your Ravenscourt Park lease extension. Holding off that expense now likely increases the price you will eventually incur to extend your lease

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

It is generally considered that a property with over one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.

Lenders will not finance a property with a short lease

Most mortgage companies insist on a lengthy amount of time remaining on any leasehold property before they will contemplate providing a mortgage on it. Regardless of whether you need a mortgage, you should be aware that it is reasonable to assume that someone wanting to buy your property in the future might well do, so if they are not able to obtain a mortgage, then the financial worth of the property could be adversely impacted. Since 2008 the majority of mortgage lenders have increased the required minimum lease length that they are willing to lend on

Lender Requirement
Barclays plc Leases with less than 70 years at the commencement of the mortgage are not acceptable.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Leeds Building Society 85 years remaining from the start of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Why use us for your lease extension in Ravenscourt Park?

Lease extensions in Ravenscourt Park can be a difficult process. We recommend you get guidance from a conveyancing solicitor and valuer 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 procuring Ravenscourt Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Ravenscourt Park Lease Extension Example Cases:

Georgia, Ravenscourt Park, West London,

In the wake of eight months of lengthy discussions with the freeholder of her two bedroom flat in Ravenscourt Park, Georgia initiated the lease extension process as the eighty year deadline was fast coming. The lease extension completed in October 2012. The freeholder’s fees were negotiated to approximately 500 GBP.

Ravenscourt Park case:

Mr and Mrs. K Bell was assigned a lease of a studio apartment in Ravenscourt Park in February 1997. We are asked if we could shed any light on how much (approximately) price could be for a 90 year lease extension. Comparable flats in Ravenscourt Park with an extended lease were valued about £205,000. The mid-range ground rent payable was £50 invoiced yearly. The lease ran out in 2104. Considering the 78 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 not including costs.

Decision in Hammersmith and Fulham

An example of a Freehold Enfranchisement matter before the tribunal for a Ravenscourt Park property is 19 Crisp Road in June 2009. Following a vesting order (Under section 26 of the Leasehold Reform,Housing and Urban Development Act 1993) The tribunal determined that the premium payable for the acquisition of the freehold was £33,756,apportioned as to£12,285 for the lower at and £21,471for the upper fat. This case related to 2 flats. The unexpired term was 68.32 years.