Top reasons for Ruislip lease extension

Top reasons for lease extension now:

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

Ruislip leases on residential properties are gradually losing value. if your lease has approximately 90 years left, you should start considering the need for a lease extension. It is important to recognise that it is that it is financially advisable for your lease extension to be in place before the term of the existing lease falls lower than eighty years - otherwise a higher premium will be due. Flat owners in Ruislip will mostly qualify for a lease extension; however a solicitor should be able check if you qualify. In some cases you may not qualify. There are prescribed timetables and procedures to follow once the process is triggered so it’s sensible to be guided by a conveyancer during the process.

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

Leasehold premises in Ruislip with in excess of one hundred years remaining on the lease are sometimes 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 upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.

Mortgage lenders may not loan monies with a short lease

What makes us experts in Ruislip lease extensions?

Lease extensions in Ruislip can be a difficult process. We recommend you procure professional help from a lawyer and valuer with experience in lease extensions.

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

Ruislip Lease Extension Case Studies:

Bethan, Ruislip, West London,

Subsequent to unsuccessful negotiations with the freeholder of her two bedroom apartment in Ruislip, Bethan initiated the lease extension process as the 80 year mark was rapidly approaching. The lease extension was concluded in October 2009. The landlord’s costs were kept to an absolute minimum.

Ruislip case:

Mr and Mrs. E David moved into a purpose-built apartment in Ruislip in April 2008. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year extension to my lease. Comparative homes in Ruislip with an extended lease were in the region of £257,800. The mid-range amount of ground rent was £65 billed monthly. The lease terminated on 6 January 2091. Having 65 years unexpired we estimated the premium to the landlord for the lease extension to be between £17,100 and £19,800 exclusive of professional charges.