Ruislip Gardens leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. Most owners of residential leasehold property in Ruislip Gardens enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Ruislip Gardens you would be well advised to investigate if your lease has between seventy and 90 years left. There are good reasons why a Ruislip Gardens leaseholder with a lease having around eighty years unexpired should take action to make sure that a lease extension is effected without delay
Leasehold premises in Ruislip Gardens with more than one hundred years unexpired 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 circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Ruislip Gardens can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor with experience in this area.
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 in-depth market knowledge dealing with Ruislip Gardens lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Teddy owned a conversion flat in Ruislip Gardens being sold with a lease of a few days over fifty eight years outstanding. Teddy on an informal basis approached his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £200 yearly. Ordinarily, ground rent would not be due on a lease extension were Teddy to exercise his statutory right. Teddy procured expert legal guidance and was able to make a more informed decision and deal with the matter and readily saleable.
In 2013 we were called by Mr and Mrs. S Davies who, having moved into a one bedroom flat in Ruislip Gardens in June 2008. We are asked if we could approximate the compensation to the landlord could be for a 90 year lease extension. Comparative residencies in Ruislip Gardens with a long lease were in the region of £280,000. The average ground rent payable was £55 billed quarterly. The lease concluded in 2105. Considering the 79 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £13,300 and £15,400 exclusive of professional charges.
An example of a Lease Extension case for a Ruislip Gardens residence is Flat 72 Queens Walk in January 2013. The Tribunals calculated the premium payable to be £22,090. This case affected 1 flat. The remaining number of years on the lease was 53.26 years.