Top reasons for Ruislip lease extension

Main reasons to commence your Ruislip lease extension today:

Increase your lease and increase your Ruislip property value

Unfortunately that a Ruislip residential lease is a deteriorating asset. As the lease term diminishes so does the value of the property. The extent of this is not fully appreciated in the first few years due to the deflation being disguised by increases in the Ruislip property prices.Once your lease nears 85ish years, you need to start considering a lease extension. If the number of years remaining slips below eighty years, you will then be required to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property Most leasehold owners in Ruislip will be able to extend under the legislation; however a lawyer will be able to clarify whether you are eligibility. In some situations you may not qualify. There are also strict timetables and procedures to follow once the process is initiated and you will need to be guided by your lawyer for the duration of the formalities.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the premises will be worth the same as a freehold for decades to come.

Lenders may not issue a mortgage with a short lease

Lenders do not like short residential leases. You most probably experience problems where you want to sell your flat in Ruislip if the remaining lease term is below the criteria set by the majority of banks and building societies. Different mortgage companies have varying requirements but generally theyrequire a minimum remaining lease term of seventy years.

What makes us experts in Ruislip lease extensions?

The conveyancing solicitors that we work with handle Ruislip lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Ruislip Lease Extension Example Cases:

Jordan, Ruislip, West London,

Subsequent to unsuccessful discussions with the landlord of her first floor flat in Ruislip, Jordan started the lease extension process as the eighty year deadline was swiftly coming. The legal work completed in January 2006. The landlord’s costs were restricted to slightly above 450 pounds.

Ruislip case:

Mrs Alice Khan took over the lease of a garden apartment in Ruislip in May 2008. The question was if we could shed any light on how much (approximately) premium could be to prolong the lease by an additional years. Comparable homes in Ruislip with an extended lease were worth £200,000. The mid-range ground rent payable was £50 invoiced monthly. The lease finished in 2103. Given that there were 77 years outstanding we estimated the premium to the landlord to extend the lease to be between £8,600 and £9,800 plus costs.