Why you should start your West Ruislip lease extension

Why you should start your West Ruislip lease extension today:

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

For anyone whose West Ruislip property is held on a long lease, our message is clear – if you do nothing, your property will ultimately revert to your landlord, leaving you empty-handed. The shorter the lease the less it is worth and the more expensive it will be to extend the lease.

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

Leasehold residencies in West Ruislip with more than 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges justify it.

Lenders will not loan monies on a short lease

Nearly all mortgage lenders require a lengthy amount of time remaining on any leasehold residence before they will contemplate it as adequate security. Regardless of whether you require a mortgage, you should be mindful that it is probable that someone intending to buy your property in the future might well do, so if they are unable to get a mortgage, then the value of the property could suffer. In the last decade many banks and building societies have increased the required minimum lease length that they are prepared to lend on

What makes us experts in West Ruislip lease extensions?

Lease extensions in West Ruislip can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and valuer with experience in lease extensions.

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 procuring West Ruislip lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

West Ruislip Lease Extension Example Cases:

David, West Ruislip, West London,

David owned a high value flat in West Ruislip being marketed with a lease of a few days over 59 years outstanding. David informally spoke with his landlord being a well known local-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent at the outset set at £150 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were David to exercise his statutory right. David procured expert advice and was able to make a more informed judgement and deal with the matter and ending up with a market value flat.

West Ruislip case:

Mr Hunter Robinson bought a studio apartment in West Ruislip in November 2002. The dilemma was if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Comparable flats in West Ruislip with 100 year plus lease were valued around £243,000. The mid-range ground rent payable was £65 collected yearly. The lease elapsed on 1 February 2089. Given that there were 63 years left we estimated the compensation to the landlord for the lease extension to be within £20,000 and £23,000 plus expenses.

West Ruislip case:

Dr N Green was assigned a lease of a garden apartment in West Ruislip in September 2002. The dilemma was if we could estimate the premium would be to prolong the lease by a further 90 years. Comparative residencies in West Ruislip with 100 year plus lease were valued around £181,600. The average ground rent payable was £55 invoiced yearly. The lease termination date was on 18 June 2078. Taking into account 52 years outstanding we calculated the compensation to the freeholder for the lease extension to be between £30,400 and £35,200 plus expenses.