Why you should commence your Rayners Lane lease extension

Top reasons for lease extension now:

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

It’s a harsh truth that a Rayners Lane residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the early years due to the depreciation being disguised by increases in the Rayners Lane property prices.Where your lease has approximately ninety years left, you should start considering a lease extension. If lease term slips below eighty years, you will then be required to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property The majority of leasehold owners in Rayners Lane will be able to extend under the legislation; however a conveyancer will be able to confirm if you are eligibility. In some situations you may not qualify. There are also strict timetables and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancer for the duration of the formalities.

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

Leasehold residencies in Rayners Lane with over 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges justify it.

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

Banks and building societies are tightening their criteria and a meaningful number now want flats to have at least 60 if not 70 years remaining once the mortgage has expired. Given that many flats in Rayners Lane were built in the fifties, sixties and seventies this means many now need to be extended if they wish to obtain a mortgage.

What makes us experts in Rayners Lane lease extensions?

Lease extensions in Rayners Lane can be a difficult process. We recommend you get guidance from a conveyancer and surveyor well versed in the legislation and lease extension process.

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 dealing with Rayners Lane lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Rayners Lane Lease Extension Case Studies:

Rosie, Rayners Lane, North West London,

After unsuccessful correspondence with the freeholder of her purpose-built apartment in Rayners Lane, Rosie initiated the lease extension process just as her lease was approaching the crucial 80-year mark. The lease extension completed in June 2013. The freeholder’s costs were kept to an absolute minimum.

Rayners Lane case:

Last Spring we were called by Dr Nicole Girard , who completed a first floor apartment in Rayners Lane in September 1997. We are asked if we could approximate the premium would likely be to prolong the lease by a further 90 years. Identical residencies in Rayners Lane with an extended lease were worth £216,000. The average ground rent payable was £60 collected monthly. The lease elapsed in 2084. Given that there were 58 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £28,500 and £33,000 exclusive of professional charges.