Top reasons for Ruislip Manor lease extension

Why you should commence your Ruislip Manor lease extension today:

Increase your lease and increase your Ruislip Manor property value

With a domestic leasehold property in Ruislip Manor, you are actually purchasing a right to live in a property for a prescribed time frame. These days flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you should think about 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 notably when there are fewer than eighty years remaining. Residents in Ruislip Manor with a lease drawing near to 81 years left should seriously consider extending it as soon as possible. Once the lease term has less than eighty years outstanding, under the relevant Act the freeholder is entitled to calculate and charge a larger amount, assessed on a technical calculation, known as “marriage value” which is due.

Ruislip Manor property with a lease extension has roughly the same value as a freehold

Leasehold premises in Ruislip Manor with in excess of one hundred years left 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 home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges justify it.

Lending institutions may not grant a mortgage on a short lease

Banks and Building Societies have set criteria when lending funds charged on leasehold homes. Some will simply not lend at all once the remaining lease term falls below a certain unexpired lease term. Many Banks and Building Societies will not regard property with a remaining below seventy years suitable security. As well as impacting your ability to sell, it is also relevant where you are seeking to refinance your Ruislip Manor property.

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

Using our service will provide you increased control over the value of your Ruislip Manor leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Ruislip Manor Lease Extension Example Cases:

Austin, Ruislip Manor, West London

Two years ago Austin, started to get near to the 80-year mark with the lease on his purpose- built apartment in Ruislip Manor. In buying his home two decades ago, the unexpired term was of little relevance. Luckily, he became aware that he would imminently be paying way over the odds for Extending the lease. Austin arranged for a lease extension just under the wire in September. Austin and the landlord in the end agreed on sum of £6,000 . If the lease had dipped lower than 80 years, the price would have escalated by at least £900.

Ruislip Manor case:

In 2012 we were called by Mr H Lewis who, having purchased a first floor apartment in Ruislip Manor in October 2012. The question was if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Comparable flats in Ruislip Manor with an extended lease were valued about £203,200. The mid-range ground rent payable was £65 invoiced annually. The lease concluded on 12 March 2087. Given that there were 61 years left we approximated the premium to the landlord to extend the lease to be between £19,000 and £22,000 not including professional charges.