Main reasons to start your West Ruislip lease extension

Why you should commence your West Ruislip lease extension today:

Increase your lease and increase your West Ruislip property value

When it comes to domestic leasehold premises in West Ruislip, you are actually purchasing a right to reside in a property for a prescribed time frame. In recent years flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you may consider a lease extension sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly particularly when there are fewer than eighty years remaining. Residents in West Ruislip with a lease nearing 81 years left should seriously consider extending it sooner than later. Once a lease has under 80 years remaining, under the current legislation the landlord can calculate and charge a larger amount, assessed on a technical multiplication, strangely termed as “marriage value” which is due.

West Ruislip property with a lease extension is almost the same value as a freehold

It is generally accepted that a residential leasehold with over one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the premises will be worth the same as a freehold for many years in the future.

Lending institutions will not loan monies on a short lease

Banks and building societies are really restricting their approach as regards to properties in West Ruislip with short leases. For example you may find that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you needed to sell, your remaining options would be to find a cash purchaser, or hope for the best at auction thus limiting your market.

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

The conveyancers that we work with handle West 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.

West Ruislip Lease Extension Example Cases:

Sian, West Ruislip, West London,

In the wake of 9 months of unsuccessful negotiations with the landlord of her one bedroom apartment in West Ruislip, Sian started the lease extension process as the 80 year mark was rapidly approaching. The legal work was concluded in May 2007. The landlord’s charges were kept to an absolute minimum.

West Ruislip case:

Last Summer we were contacted by Mrs I Alexander , who acquired a garden flat in West Ruislip in August 2001. The dilemma was if we could approximate the price would likely be to extend the lease by a further 90 years. Comparable premises in West Ruislip with an extended lease were valued around £200,000. The average amount of ground rent was £50 collected yearly. The lease expired in 2104. Considering the 78 years unexpired we approximated the premium to the landlord for the lease extension to be between £8,600 and £9,800 not including expenses.

West Ruislip case:

Last Spring we were approach by Dr Austin Hall , who took over the lease of a basement apartment in West Ruislip in October 1998. We are asked if we could shed any light on how much (roughly) price would likely be to prolong the lease by ninety years. Similar properties in West Ruislip with a long lease were valued about £267,600. The mid-range ground rent payable was £65 collected yearly. The lease came to a finish in 2093. Having 67 years left we estimated the compensation to the landlord for the lease extension to be within £14,300 and £16,400 not including fees.