Main reasons to start your Ruislip Manor lease extension

Why you should start your Ruislip Manor lease extension today:

Increase your lease and increase your Ruislip Manor property value

The market value of Ruislip Manor 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 increase materialy once the remaining term is less than 80 years

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

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 45 years remaining, the residence will be worth the same as a freehold for decades to come.

Banks and Building Societies may not issue a mortgage on a short lease

Almost all banks and building societies insist on a lengthy amount of time remaining on a leasehold property before they will consider lending on it. Even if you don't need a mortgage, you should be aware that it is reasonable to assume that someone intending to buy your property in the future might well do, so if they can't obtain a mortgage, then the value of your property will likely be adversely impacted. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

What makes us experts in Ruislip Manor lease extensions?

Lease extensions in Ruislip Manor can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this area.

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 dealing with Ruislip Manor lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Ruislip Manor Lease Extension Case Summaries:

Kyle, Ruislip Manor, West London,

Kyle was the the leasehold proprietor of a conversion apartment in Ruislip Manor on the market with a lease of just over fifty eight years outstanding. Kyle informally approached his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £150 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Kyle to exercise his statutory right. Kyle procured expert advice and secured an acceptable deal informally and readily saleable.

Ruislip Manor case:

In 2014 we were called by Mr and Mrs. Y Roux who, having acquired a basement apartment in Ruislip Manor in April 2001. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by a further 90 years. Identical residencies in Ruislip Manor with a long lease were worth £260,000. The mid-range amount of ground rent was £50 collected monthly. The lease end date was in 2099. Having 73 years remaining we calculated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of fees.