Top reasons for Rayners Lane lease extension

Why you should commence your Rayners Lane lease extension today:

A Rayners Lane leasehold property depreciates with the years remaining on the lease.

With a domestic leasehold property in Rayners Lane, you are actually buying an entitlement to live in a property for a set period of time. These days flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you should consider a lease extension sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly especially once there are less than 80 years remaining. Residents in Rayners Lane with a lease drawing near to 81 years remaining should seriously consider extending it as soon as possible. When a lease has under eighty years remaining, under the relevant statute the landlord can calculate and demand a larger amount, based on a technical multiplication, strangely termed as “marriage value” which is payable.

Rayners Lane property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Lenders may not issue a mortgage with a short lease

What makes us experts in Rayners Lane lease extensions?

The conveyancers that we work with procure Rayners Lane 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 conveyancing solicitor we work with provide it.

Rayners Lane Lease Extension Example Cases:

Toby, Rayners Lane, North West London,

Toby owned a high value apartment in Rayners Lane being sold with a lease of a few days over 59 years remaining. Toby informally spoke with his freeholder being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £50 yearly. No ground rent would be due on a lease extension were Toby to exercise his statutory right. Toby obtained expert legal guidance and was able to make an informed judgement and handle with the matter and sell the property.

Rayners Lane case:

Ms Imogen Young moved into a one bedroom flat in Rayners Lane in January 1997. The dilemma was if we could estimate the compensation to the landlord could be to prolong the lease by 90 years. Identical properties in Rayners Lane with an extended lease were worth £200,000. The average ground rent payable was £50 billed annually. The lease concluded on 18 May 2103. Given that there were 77 years unexpired we estimated the premium to the landlord to extend the lease to be within £8,600 and £9,800 not including costs.