The only way is down when it comes to Ruskington lease terms. Ruskington leaseholds that have a remaining term lower than 80 years will drop in value even faster, and the cost to extend your lease will increase.
Leasehold residencies in Ruskington with in excess of 100 years remaining on the lease are often referred to as ‘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 to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | 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 also be not less than 75 years at the outset of the mortgage. |
| 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 lawyers that we work with procure Ruskington 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 conveyancing solicitor we work with provide it.
Following lengthy discussions with the freeholder of her basement apartment in Ruskington, Morgan started the lease extension process as the 80 year threshold was fast coming. The lease extension was finalised in May 2012. The landlord’s costs were negotiated to approximately 550 pounds.
Mr Owen Laurent purchased a purpose-built apartment in Ruskington in July 1996. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by a further 90 years. Comparable properties in Ruskington with 100 year plus lease were in the region of £270,000. The average amount of ground rent was £55 collected monthly. The lease lapsed on 3 April 2101. Having 75 years left we approximated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 not including expenses.
In 2013 we were phoned by Mr and Mrs. N Williams who, having owned a ground floor apartment in Ruskington in April 2003. We are asked if we could shed any light on how much (approximately) premium would likely be to extend the lease by 90 years. Similar premises in Ruskington with a long lease were in the region of £173,800. The average ground rent payable was £65 collected annually. The lease finished in 2081. Given that there were 55 years outstanding we estimated the premium to the landlord for the lease extension to be within £31,400 and £36,200 exclusive of fees.