Why you should commence your Ravenscourt Park lease extension

Main reasons to commence your Ravenscourt Park lease extension today:

Increase your lease and increase your Ravenscourt Park property value

The value of Ravenscourt Park leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate substantially once the remaining term is below than 80 years

Ravenscourt Park property with a lease extension is almost the same value as a freehold

Leasehold premises in Ravenscourt Park with more than 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Lenders will not grant a mortgage with a short lease

Many mortgage companies will not grant a mortgage on a lease with less than 70 years unexpired - although this varies between mortgage companies. A buyer will likely find it difficult to obtain a mortgage and this could result in your Ravenscourt Park property being difficult to sell or refinance.

Why use us for your lease extension in Ravenscourt Park?

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

Ravenscourt Park Lease Extension Case Summaries:

Lewis, Ravenscourt Park, West London,

Lewis owned a studio apartment in Ravenscourt Park on the market with a lease of fraction over fifty eight years left. Lewis informally spoke with his landlord a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent to start with set at £100 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Lewis to exercise his statutory right. Lewis obtained expert advice and secured satisfactory deal informally and readily saleable.

Ravenscourt Park case:

Last year we were approach by Ms L González , who was assigned a lease of a first floor apartment in Ravenscourt Park in January 1999. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to extend the lease by 90 years. Similar residencies in Ravenscourt Park with an extended lease were valued around £285,000. The average amount of ground rent was £45 collected per annum. The lease concluded in 2097. Given that there were 71 years as a residual term we estimated the premium to the landlord for the lease extension to be within £12,400 and £14,200 exclusive of expenses.