Main reasons to start your South Ruislip lease extension

Main reasons to commence your South Ruislip lease extension today:

Increase your lease and increase your South Ruislip property value

Unfortunately that a South Ruislip residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is not fully appreciated in the first few years due to the deflation being disguised by increases in the South Ruislip property market.Once your lease nears 85ish years, you need to start thinking about a lease extension. If the number of years remaining drops under eighty years, you will end up paying 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 South Ruislip will be able to extend under the legislation; however a conveyancing solicitor should be able to clarify if you qualify for an extension. In some cases you may not be entitled. There are also strict deadlines and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancer throughout the formalities.

An extended lease has roughly the same value as a freehold

Leasehold residencies in South Ruislip with more than 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.

Banks and Building Societies will not issue a mortgage with a short lease

Lenders will not lend on short residential leases. You are likely to experience difficulties if you want to sell your flat in South Ruislip if the remaining lease term is less than the criteria set by the majority of mortgage companies. Different mortgage companies have varying requirements but in the main they are looking for an unexpired term of at least seventy years.

What makes us experts in South Ruislip lease extensions?

The conveyancers that we work with undertake 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 conveyancing solicitor we work with provide it.

South Ruislip Lease Extension Example Cases:

Caleb, South Ruislip, West London

Last Christmas Caleb, started to get close to the 80-year mark with the lease on his purpose- built apartment in South Ruislip. In buying his home two decades ago, the lease term was of no interest. by good luck, he became aware that he would soon be paying an escalated premium for Extending the lease. Caleb was able to extend his lease just in the nick of time last September. Caleb and the landlord who owned the flat above subsequently agreed on an amount of £5,000 . If the lease had dipped lower than 80 years, the figure would have gone up by at least £1,025.

South Ruislip case:

Mr Oscar Thompson owned a ground floor apartment in South Ruislip in May 2002. The question was if we could approximate the premium would be for a 90 year extension to my lease. Similar residencies in South Ruislip with 100 year plus lease were valued about £208,200. The mid-range amount of ground rent was £65 collected annually. The lease expired on 12 January 2087. Given that there were 61 years unexpired we calculated the premium to the freeholder for the lease extension to be between £20,000 and £23,000 exclusive of expenses.