Top reasons for South Ruislip lease extension

Why you should start your South Ruislip lease extension today:

A South Ruislip lease depreciates with the years remaining on the lease.

South Ruislip leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. The majority of owners of residential leasehold property in South Ruislip enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in South Ruislip you must check if your lease has between 70 and ninety years remaining. There are good reasons why a South Ruislip flat owner with a lease having around 80 years unexpired should take action to ensure that a lease extension is actioned without delay

An extended lease is almost the same value as a freehold

Leasehold properties in South Ruislip with over one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value 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 merit it.

Banks and Building Societies may decide not to loan monies on a short lease

Most high street banks are making their criteria more stringent and a meaningful number now require flats to have at least 60 if not 70 years remaining at the expiry of the mortgage. Given that a number of flats in South Ruislip were created in the fifties, sixties and seventies this means many now need to be extended if they wish to obtain a mortgage.

What makes us experts in South Ruislip lease extensions?

The lawyers that we work with handle South 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 conveyancer we work with provide it.

South Ruislip Lease Extension Case Studies:

Harrison, South Ruislip, West London,

Harrison was the the leasehold owner of a 2 bedroom apartment in South Ruislip being sold with a lease of fraction over 72 years left. Harrison on an informal basis contacted his landlord a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £200 yearly. No ground rent would be due on a lease extension were Harrison to exercise his statutory right. Harrison obtained expert advice and secured an acceptable resolution informally and ending up with a market value flat.

South Ruislip case:

Dr T Cox moved into a one bedroom apartment in South Ruislip in January 2002. We are asked if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Similar premises in South Ruislip with 100 year plus lease were worth £275,000. The average amount of ground rent was £55 collected every twelve months. The lease elapsed in 2102. Having 76 years outstanding we estimated the premium to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of fees.