Top reasons for Rayners Lane lease extension

Main reasons to commence your Rayners Lane lease extension today:

Increase your lease and increase your Rayners Lane property value

Chances are that where you own a flat in Rayners Lane you actually own a long leasehold interest over your property

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

It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years left, the property will be worth the same as a freehold for many years ahead.

Lending institutions will not loan monies with a short lease

The propensity since over the last decade has been for banks to tighten lending criteria across the board - this has extended to the property over which the mortgage is to be granted. This has meant the unexpired lease term required by lenders has increased. Historically banks would grant a mortgage on a lease with 25 years plus the term of the loan - typically 50 year leases but those requirements have been chipped away by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

Get in touch with one of our Rayners Lane lease extension solicitors or enfranchisement solicitors

The conveyancers that we work with handle 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 lawyer we work with provide it.

Rayners Lane Lease Extension Example Cases:

Holly, Rayners Lane, North West London,

In the wake of 9 months of unsuccessful negotiations with the freeholder of her one bedroom apartment in Rayners Lane, Holly initiated the lease extension process just as her lease was coming close to the all-important eighty-year threshold. The legal work was finalised in June 2006. The freeholder’s fees were kept to an absolute minimum.

Rayners Lane case:

Dr E Allen purchased a one bedroom apartment in Rayners Lane in September 2012. We are asked if we could estimate the premium would likely be to extend the lease by a further 90 years. Identical premises in Rayners Lane with 100 year plus lease were valued about £290,000. The mid-range amount of ground rent was £45 collected quarterly. The lease terminated in 2099. Considering the 73 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 plus expenses.