Top reasons for South Ruislip lease extension

Main reasons to start your South Ruislip lease extension today:

Increase your lease and increase your South Ruislip property value

For those whose South Ruislip home is held on a long lease, the message is clear – if no remedial action is taken, your property will eventually revert to your landlord, leaving you empty-handed. The shorter the lease the less it is worth and the more it will cost to extend the lease.

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 sometimes regarded as a ‘virtual freehold’. This is where the lease value 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 merit it.

Lending institutions may not grant a mortgage on a short lease

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

Using our service will provide you better control over the value of your South Ruislip leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

South Ruislip Lease Extension Case Studies:

Rhiannon, South Ruislip, West London,

Trailing protracted negotiations with the landlord of her garden flat in South Ruislip, Rhiannon initiated the lease extension process just as the lease was nearing the all-important eighty-year threshold. The legal work was finalised in February 2009. The landlord’s charges were kept to an absolute minimum.

South Ruislip case:

Last January we were phoned by Dr L Harris , who took over the lease of a ground floor flat in South Ruislip in August 2009. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by ninety years. Similar homes in South Ruislip with 100 year plus lease were worth £260,000. The mid-range ground rent payable was £50 billed monthly. The lease ended on 10 September 2098. Having 72 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 plus costs.