Main reasons to start your Ruislip Gardens lease extension

Why you should commence your Ruislip Gardens lease extension today:

A Ruislip Gardens lease depreciates with the years remaining on the lease.

As the the remaining lease term of a Ruislip Gardens residential lease decreases so does its value and therefore the value of your property. If the lease has, more than one hundred years remaining then this decrease may be negligible that being said there will become a point in time when a lease has fewer than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main reason why you should consider extending sooner rather than later. The majority of flat owners in Ruislip Gardens will meet the qualifying criteria; that being said a conveyancer will be able to advise if you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

Ruislip Gardens property with a lease extension is almost the same value as a freehold

Leasehold residencies in Ruislip Gardens with over one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.

Mortgage lenders may not grant a mortgage with a short lease

Nearly all banks and building societies require a lengthy amount of time left on a leasehold residence before they will consider providing a mortgage on it. Even if you don't need a mortgage, you should bear in mind that it is reasonable to assume that someone intending to purchase your property in the future might well do, so in the event that they can't obtain a mortgage, then the value of the property will likely be adversely impacted. Since 2008 many mortgage lenders have increased the required minimum lease length that they are prepared to lend on

Get in touch with one of our Ruislip Gardens lease extension solicitors or enfranchisement solicitors

Lease extensions in Ruislip Gardens can be a difficult process. We recommend you procure guidance from a lawyer and valuer 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 a wealth of experience dealing with Ruislip Gardens lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Ruislip Gardens Lease Extension Case Summaries:

Matthew, Ruislip Gardens, West London,

Matthew was the the leasehold owner of a 2 bedroom flat in Ruislip Gardens on the market with a lease of a few days over 61 years unexpired. Matthew informally approached his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent initially set at £100 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Matthew to invoke his statutory right. Matthew procured expert advice and was able to make a more informed decision and deal with the matter and readily saleable.

Ruislip Gardens case:

Mr Jackson Norbert purchased a first floor apartment in Ruislip Gardens in April 2011. The dilemma was if we could approximate the premium could be to extend the lease by ninety years. Comparable properties in Ruislip Gardens with 100 year plus lease were in the region of £265,000. The average ground rent payable was £50 invoiced monthly. The lease lapsed on 22 September 2099. Considering the 73 years outstanding we estimated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 plus fees.