Unfortunately that a Ruislip Gardens residential lease is a deteriorating asset. The lease value drops in proportion to its lease length. The extent of this is not fully appreciated in the first few years due to the deflation being disguised by increases in the Ruislip Gardens property market.Once your lease gets to 85ish years, you should start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls below 80 years - otherwise a higher amount will be due. The majority of flat owners in Ruislip Gardens will be able to extend under the legislation; however a conveyancer should be able to clarify 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 is instigated and you will need to be guided by your conveyancing solicitor from beginning to end of the formalities.
Leasehold properties in Ruislip Gardens with in excess of 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 home. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance 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. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| 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 |
Lease extensions in Ruislip Gardens can be a difficult process. We recommend you procure professional help from a conveyancer and valuer with experience in lease extensions.
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 procuring 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.
Edward was the the leasehold proprietor of a conversion apartment in Ruislip Gardens on the market with a lease of just over 72 years unexpired. Edward informally approached his landlord being 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 on the basis of a rise in the rent to £50 yearly. Ordinarily, ground rent would not be due on a lease extension were Edward to invoke his statutory right. Edward obtained expert advice and secured satisfactory deal informally and ending up with a market value flat.
In 2012 we were contacted by Dr Y André who, having acquired a recently refurbished apartment in Ruislip Gardens in September 2008. The question was if we could approximate the price would likely be for a 90 year extension to my lease. Comparative residencies in Ruislip Gardens with an extended lease were worth £200,800. The mid-range amount of ground rent was £65 billed every twelve months. The lease came to a finish in 2086. Considering the 60 years left we estimated the premium to the freeholder to extend the lease to be between £20,900 and £24,200 exclusive of legals.
An example of a Lease Extension matter before the tribunal for a Ruislip Gardens premises is Flat 72 Queens Walk in January 2013. The Tribunals calculated the premium payable to be £22,090. This case affected 1 flat. The unexpired term as at the valuation date was 53.26 years.