Top reasons for Ravenscourt Park lease extension

Why you should commence your Ravenscourt Park lease extension today:

A Ravenscourt Park lease depreciates with the years remaining on the lease.

Unfortunately that a Ravenscourt Park residential lease is a wasting asset. The lease value drops in proportion to its lease length. The extent of this is not fully appreciated in the early years due to the loss of value being disguised by increases in the Ravenscourt Park property market.Where your lease has approximately ninety years left, you should start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips under 80 years - otherwise a higher amount will be due. Most leasehold owners in Ravenscourt Park will be able to extend under the legislation; however a lawyer should be able to confirm if you qualify for an extension. In some situations you may not be entitled. There are also strict timetables and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancer throughout the process.

An extended lease is almost the same value as a freehold

Leasehold residencies in Ravenscourt Park with more than one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth 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 merit it.

Lenders may not loan monies on a short lease

Many banks and building societies will be unwilling to grant a mortgage on a lease with under seventy years left to run - although this varies from lender to lender. A purchaser will no doubt find it difficult to obtain a mortgage and this could result in your Ravenscourt Park property becoming difficult to sell or remortgage.

What makes us experts in Ravenscourt Park lease extensions?

Lease extensions in Ravenscourt Park can be a difficult process. We recommend you secure guidance from a conveyancer 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 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 Case Summaries:

Maisie, Ravenscourt Park, West London,

Off the back of protracted correspondence with the freeholder of her ground floor apartment in Ravenscourt Park, Maisie initiated the lease extension process as the 80 year deadline was swiftly approaching. The legal work was concluded in November 2013. The freeholder’s costs were kept to an absolute minimum.

Ravenscourt Park case:

Last Autumn we were contacted by Mr and Mrs. E Morris , who acquired a studio flat in Ravenscourt Park in April 2001. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year lease extension. Identical flats in Ravenscourt Park with an extended lease were in the region of £223,400. The mid-range ground rent payable was £60 invoiced monthly. The lease end date was on 24 April 2085. Considering the 59 years outstanding we approximated the compensation to the landlord for the lease extension to be between £27,600 and £31,800 plus costs.