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.

Why you should commence your Ravenscourt Park lease extension

Main reasons to start your Ravenscourt Park lease extension today:

Increase your lease and increase your Ravenscourt Park property value

The only way is down when it comes to Ravenscourt Park lease terms. Ravenscourt Park leaseholds that have a lease term fewer than eighty years will de-escalate in value at a rapid rate, and the cost of extending your lease will go up.

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

Leasehold premises in Ravenscourt Park with over 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges justify it.

Lending institutions may decide not to grant a mortgage with a short lease

Many banks and building societies require a lengthy amount of time left on a leasehold property before they will consider it as adequate security. Even if you don't require a mortgage, you should bear in mind that it is probable that someone wishing to purchase your property in the future might well do, so where they can't obtain a mortgage, then the financial worth of the property will likely suffer. In the last decade many banks and building societies have increased the required minimum lease length that they are willing to lend on

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Halifax Minimum 70 years from the date 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.
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?

Irrespective of whether you are a tenant or a landlord in Ravenscourt Park,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Ravenscourt Park valuers.

Ravenscourt Park Lease Extension Case Summaries:

Ibrahim, Ravenscourt Park, West London,

Ibrahim owned a conversion flat in Ravenscourt Park on the market with a lease of just over 61 years remaining. Ibrahim informally approached his landlord being a well known London-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £200 yearly. Ordinarily, ground rent would not be due on a lease extension were Ibrahim to exercise his statutory right. Ibrahim obtained expert legal guidance and was able to make an informed judgement and deal with the matter and sell the flat.

Ravenscourt Park case:

In 2013 we were approached by Mrs B Morris who, having bought a ground floor flat in Ravenscourt Park in September 2010. The question was if we could estimate the price could be for a ninety year lease extension. Comparative residencies in Ravenscourt Park with 100 year plus lease were in the region of £265,200. The mid-range amount of ground rent was £65 invoiced every twelve months. The lease finished on 12 April 2092. Given that there were 66 years as a residual term we estimated the compensation to the freeholder for the lease extension to be within £15,200 and £17,600 plus fees.

Decision in Hammersmith and Fulham

An example of a Freehold Enfranchisement case for a Ravenscourt Park flat 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 affected 2 flats. The number of years remaining on the existing lease(s) was 68.32 years.