Main reasons to commence your South Ruislip lease extension

Why you should commence your South Ruislip lease extension today:

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

There is no doubt about it a leasehold property in South Ruislip is a wasting asset as a result of the diminishing lease term. If the lease has, over one hundred years to run then this decrease may be negligible that being said there will become a stage when a lease has fewer than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary rational as to why you should consider extending without delay. The majority of flat owners in South Ruislip will qualify for this right; nevertheless a lawyer will be able to advise whether you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the property will be equivalent in value to a freehold for many years ahead.

Lenders may decide not to loan monies on a short lease

Banks and building societies do not like short residential leases. You most probably encounter problems where you want to sell your flat in South Ruislip if the unexpired term of your lease is less than the criteria set by the majority of lenders. Different lenders have varying criteria but on the whole they are looking for a minimum remaining lease term of seventy years.

Why use us for your lease extension in South Ruislip?

Lease extensions in South Ruislip can be a difficult process. We recommend you procure professional help from a lawyer and valuer well versed in the legislation and lease extension process.

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 a wealth of experience dealing with South Ruislip lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

South Ruislip Lease Extension Example Cases:

Zoe, South Ruislip, West London,

Following lengthy negotiations with the freeholder of her leasehold apartment in South Ruislip, Zoe commenced the lease extension process as the 80 year deadline was rapidly advancing. The transaction was concluded in September 2005. The landlord’s costs were negotiated to less than five hundred GBP.

South Ruislip case:

In 2014 we were e-mailed by Mr and Mrs. R Lefèvre who, having acquired a first floor apartment in South Ruislip in August 1999. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by a further 90 years. Comparable homes in South Ruislip with a long lease were worth £235,200. The average amount of ground rent was £45 invoiced monthly. The lease finished on 16 April 2092. Taking into account 66 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 not including expenses.