Why you should commence your Ruislip Gardens lease extension

Top reasons for lease extension now:

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

When it comes to domestic leasehold premises in Ruislip Gardens, you are actually buying a right to reside in a property for a set period of time. Modern flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you should consider extending the lease sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly especially when there are less than 80 years left. Leasehold owners in Ruislip Gardens with a lease drawing near to 81 years unexpired should seriously consider extending it sooner as opposed to later. When the lease term has below 80 years outstanding, under the relevant legislation the freeholder can calculate and charge a larger amount, based on a technical multiplication, known as “marriage value” which is payable.

An extended lease is almost the same value as a freehold

It is generally considered that a property with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the property will be equivalent in value to a freehold for many years in the future.

Lending institutions may decide not to finance a property with a short lease

Banks and building societies are really restricting their approach as regards to homes in Ruislip Gardens with short leases. For instance you may find that their lending requirements are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so if you needed to sell, your only options would be to find a cash buyer, or hope for the best at auction thus reducing your market.

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

Using our service gives you increased control over the value of your Ruislip Gardens leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Ruislip Gardens Lease Extension Example Cases:

Bethany, Ruislip Gardens, West London,

After lengthy discussions with the freeholder of her one bedroom apartment in Ruislip Gardens, Bethany commenced the lease extension process as the eighty year threshold was fast nearing. The lease extension completed in February 2008. The freeholder’s charges were kept to an absolute minimum.

Ruislip Gardens case:

Last Autumn we were contacted by Dr Rhiannon Roberts , who moved into a basement apartment in Ruislip Gardens in May 2008. The question was if we could shed any light on how much (roughly) price would be for a ninety year extension to my lease. Similar residencies in Ruislip Gardens with 100 year plus lease were worth £168,800. The average ground rent payable was £60 collected every twelve months. The lease expired on 5 January 2081. Having 55 years left we estimated the compensation to the freeholder for the lease extension to be within £30,400 and £35,200 exclusive of professional charges.