Ruislip leases on residential properties are gradually losing value. Where your lease has in the region of 90 years unexpired, you should start thinking about a lease extension. 80 years is a significant number: when the remaining term of a lease dips below this level then you begin paying an additional element called marriage value. Leasehold owners in Ruislip will usually be legally entitled to a lease extension; however it’s a good idea to check with a conveyancing solicitor to check if you qualify. In some situations you may not be entitled. There are prescribed deadlines and steps to follow once the process has commenced so it’s sensible to be guided by a conveyancing solicitor during the process.
It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for many years in the future.
| 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. |
| Coventry Building Society | 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Irrespective of whether you are a tenant or a landlord in Ruislip,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Ruislip valuers.
Following unsuccessful negotiations with the landlord of her purpose-built apartment in Ruislip, Naomi initiated the lease extension process as the eighty year mark was quickly approaching. The transaction was concluded in February 2015. The landlord’s charges were kept to an absolute minimum.
Last Summer we were e-mailed by Mrs P Bonnet , who took over the lease of a one bedroom apartment in Ruislip in June 2005. We are asked if we could approximate the premium would likely be for a ninety year extension to my lease. Comparable properties in Ruislip with a long lease were in the region of £174,200. The average amount of ground rent was £55 collected per annum. The lease expired in 2076. Taking into account 51 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £31,400 and £36,200 not including expenses.
An example of a Lease Extension case for a Ruislip flat 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.