There is no doubt about it a leasehold flat or house in Ruislip Manor is a wasting asset as a result of the shortening lease. Where the residual term has, in excess of one hundred years remaining then this decrease may be fractional however there will become a stage when a lease has fewer than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary logic behind why you should extend the lease without delay. Many flat owners in Ruislip Manor will meet the qualifying criteria; that being said a lawyer can advise whether you qualify to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
Leasehold premises in Ruislip Manor with over one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date 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. |
| Yorkshire 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. |
The conveyancing solicitors that we work with procure Ruislip Manor 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 conveyancer we work with provide it.
In the wake of 6 months of protracted negotiations with the landlord of her first floor flat in Ruislip Manor, Tia commenced the lease extension process just as the lease was coming close to the crucial 80-year mark. The transaction was concluded in February 2008. The landlord’s costs were restricted to below 500 pounds.
Last Spring we were e-mailed by Mr Jonathan Turner , who bought a first floor flat in Ruislip Manor in May 2007. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year lease extension. Similar premises in Ruislip Manor with an extended lease were in the region of £176,200. The mid-range ground rent payable was £65 collected quarterly. The lease ran out in 2081. Considering the 56 years unexpired we estimated the premium to the freeholder for the lease extension to be within £29,500 and £34,000 plus costs.
An example of a Lease Extension case for a Ruislip Manor premises is Flat 72 Queens Walk in January 2013. The Tribunals calculated the premium payable to be £22,090. This case related to 1 flat. The remaining number of years on the lease was 53.26 years.