Top reasons for South Ruislip lease extension

Top reasons for lease extension now:

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

South Ruislip leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. It is the case that most South Ruislip tenants have the right to extend their lease by an additional ninety years in accordance with the 1993 Leasehold Reform Act. If you are a leasehold owner in South Ruislip you should check if your lease has between 70 and 90 years remaining. There are good reasons why a South Ruislip leaseholder with a lease having around 80 years left should take steps to ensure that a lease extension is put in place without delay

An extended lease has roughly the same value as a freehold

Leasehold residencies in South Ruislip with in excess of one hundred years left 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 to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.

Lending institutions may not lend on a short lease

Nearly all banks and building societies will be unwilling to lend on a lease with less than seventy years left to run - although this varies from lender to lender. A purchaser will no doubt encounter difficulties in obtaining a mortgage and this could result in your South Ruislip property becoming difficult to dispose of or remortgage.

Get in touch with one of our South Ruislip lease extension solicitors or enfranchisement solicitors

The conveyancers 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 Example Cases:

Noah, South Ruislip, West London

Half a year ago Noah, came dangerously close to the eighty-year threshold with the lease on his first floor apartment in South Ruislip. Having bought his property 19 years ago, the lease term was of no bearing. Fortunately, he became aware that he needed to take steps soon on a lease extension. Noah was able to extend his lease just under the wire last June. Noah and the freeholder subsequently settled on an amount of £6,000 . If he not met the deadline, the sum would have escalated by at least £950.

South Ruislip case:

In 2011 we were phoned by Ms Jodie Rodríguez who, having acquired a first floor flat in South Ruislip in June 1995. The question was if we could shed any light on how much (roughly) price would likely be to extend the lease by a further 90 years. Comparable homes in South Ruislip with 100 year plus lease were valued around £193,400. The average ground rent payable was £65 invoiced yearly. The lease elapsed on 27 January 2084. Having 59 years unexpired we calculated the compensation to the landlord for the lease extension to be within £21,900 and £25,200 not including professional charges.