When it comes to long leasehold premises in Ruislip Manor, you are in fact renting it for a certain amount of time. In recent years flat leases are usually granted for 99 years or 125. Even though this may appear like a long period of time, you may consider a lease extension sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly particularly once there are less than 80 years remaining. Anyone in Ruislip Manor with a lease drawing near to 81 years remaining should seriously consider extending it sooner than later. When a lease has below eighty years remaining, under the current legislation the landlord is entitled to calculate and demand a greater amount, assessed on a technical computation, known as “marriage value” which is due.
It is generally accepted that a residential leasehold with over one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Ruislip Manor can be a difficult process. We recommend you get professional help from a conveyancer and surveyor 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 in-depth market knowledge procuring Ruislip Manor lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing lengthy correspondence with the landlord of her basement flat in Ruislip Manor, Alexandra started the lease extension process as the 80 year mark was swiftly nearing. The lease extension completed in May 2006. The freeholder’s costs were kept to an absolute minimum.
Mr Luke Richardson was assigned a lease of a ground floor apartment in Ruislip Manor in February 2004. We are asked if we could shed any light on how much (approximately) premium would be for a ninety year lease extension. Similar flats in Ruislip Manor with an extended lease were valued around £270,000. The average amount of ground rent was £55 invoiced monthly. The lease elapsed on 14 March 2100. Given that there were 75 years left we estimated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 not including professional charges.
An example of a Lease Extension matter before the tribunal for a Ruislip Manor property 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 number of years remaining on the existing lease(s) was 53.26 years.