Why you should start your Rayners Lane lease extension

Top reasons for lease extension now:

Increase your lease and increase your Rayners Lane property value

On the balance of probabilities 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

Leasehold premises in Rayners Lane with over 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

Lenders may decide not to issue a mortgage on a short lease

Lenders do not like short residential leases. You are likely to experience problems where you wish to sell your flat in Rayners Lane if the unexpired term of your lease is less than the criteria set by the majority of lenders. Different mortgage companies have different criteria but generally they are looking for an unexpired term of at least 65 years.

What makes us experts in Rayners Lane lease extensions?

The conveyancing solicitors that we work with undertake 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:

Eli, Rayners Lane, North West London

In 2014 Eli, started to get near to the eighty-year mark with the lease on his purpose- built apartment in Rayners Lane. In buying his home twenty years previously, the length of the lease was of no relevance. Fortunately, he realised he needed to take steps soon on a lease extension. Eli arranged for a lease extension just ahead of time in June. Eli and the freeholder ultimately settled on the final figure of £5,000 . If the lease had descended lower than 80 years, the figure would have become more exhorbitant by at least £975.

Rayners Lane case:

Mr and Mrs. B Lee moved into a first floor apartment in Rayners Lane in August 2011. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by a further 90 years. Identical residencies in Rayners Lane with a long lease were in the region of £275,000. The average amount of ground rent was £45 billed annually. The lease expired in 2095. Considering the 69 years outstanding we calculated the premium to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of expenses.