The nearer a residential lease in Ruislip Manor nears to zero years unexpired, the the greater the reduction in the value of the property. Where the residual term has, beyond one hundred years to run then this decrease may be of little impact however there will become a stage when a lease has fewer than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary rational as to why you should extend the lease sooner as opposed to later. The majority of flat owners in Ruislip Manor will meet the qualifying criteria; that being said a conveyancing solicitor can advise whether you are eligible to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
It is generally accepted that a property with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start 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 |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Engaging our service will provide you better control over the value of your Ruislip Manor leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
James owned a 2 bedroom apartment in Ruislip Manor being marketed with a lease of a few days over 72 years remaining. James on an informal basis spoke with his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £125 yearly. No ground rent would be payable on a lease extension were James to exercise his statutory right. James procured expert advice and was able to make a more informed judgement and deal with the matter and readily saleable.
Mrs Ellen Lewis acquired a basement flat in Ruislip Manor in March 2000. We are asked if we could approximate the price would likely be for a 90 year extension to my lease. Identical flats in Ruislip Manor with an extended lease were valued about £235,200. The mid-range amount of ground rent was £45 invoiced monthly. The lease terminated in 2092. Given that there were 66 years left we calculated the premium to the landlord to extend the lease to be between £12,400 and £14,200 plus fees.
An example of a Lease Extension case for a Ruislip Manor residence is Flat 72 Queens Walk in January 2013. The Tribunals calculated the premium payable to be £22,090. This case was in relation to 1 flat. The unexpired lease term was 53.26 years.