The nearer a residential lease in Ruskington nears to zero years unexpired, the more it reduces the value of the property. Where the lease has, more than 125 years to run then this decrease may be of little impact however there will become a stage when a lease has fewer than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should extend the lease sooner as opposed to later. Many flat owners in Ruskington will qualify for this right; however a conveyancing solicitor can advise whether you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
It is generally accepted that a property 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 45 years left, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
Lease extensions in Ruskington can be a difficult process. We recommend you obtain guidance from a conveyancer and surveyor well versed in the legislation and lease extension process.
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 Ruskington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing protracted correspondence with the freeholder of her first floor flat in Ruskington, Niamh commenced the lease extension process as the eighty year mark was swiftly coming. The transaction completed in January 2013. The landlord’s charges were kept to an absolute minimum.
Ms Y Rogers owned a garden apartment in Ruskington in September 2011. We are asked if we could shed any light on how much (roughly) premium would be for a 90 year extension to my lease. Identical homes in Ruskington with a long lease were in the region of £250,000. The average ground rent payable was £50 collected quarterly. The lease terminated on 3 October 2093. Given that there were 68 years outstanding we estimated the compensation to the landlord to extend the lease to be between £10,500 and £12,000 not including costs.
In 2012 we were approached by Mr Harvey Brown who, having owned a garden apartment in Ruskington in March 1999. The question was if we could approximate the price would be to extend the lease by ninety years. Comparative properties in Ruskington with 100 year plus lease were valued about £285,000. The mid-range amount of ground rent was £55 invoiced monthly. The lease elapsed in 2104. Having 79 years remaining we calculated the premium to the freeholder for the lease extension to be within £13,300 and £15,400 exclusive of fees.