With a domestic leasehold premises in West Ruislip, you are in fact renting it for a certain amount of time. Modern flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you should think about 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 notably once there are fewer than 80 years left. Anyone in West Ruislip with a lease nearing 81 years unexpired should seriously think of extending it sooner rather than later. Once a lease has fewer than 80 years outstanding, under the current statute the landlord can calculate and demand a larger premium, assessed on a technical computation, strangely termed as “marriage value” which is due.
Leasehold premises in West Ruislip with more than 100 years remaining on the lease are sometimes 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 upside in purchasing the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| 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. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| 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 West Ruislip leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Following protracted correspondence with the landlord of her basement apartment in West Ruislip, Holly commenced the lease extension process as the 80 year deadline was quickly advancing. The transaction completed in April 2009. The landlord’s costs were negotiated to less than 550 pounds.
Mr and Mrs. K Clarke acquired a first floor apartment in West Ruislip in November 2001. We are asked if we could estimate the premium could be for a ninety year extension to my lease. Identical residencies in West Ruislip with 100 year plus lease were in the region of £210,000. The mid-range ground rent payable was £50 billed yearly. The lease expired in 2105. Having 80 years remaining we estimated the premium to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of legals.
Last month we were approach by Mr and Mrs. P Murphy , who took over the lease of a one bedroom flat in West Ruislip in November 2009. The question was if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by a further 90 years. Comparative residencies in West Ruislip with an extended lease were in the region of £275,000. The mid-range amount of ground rent was £45 collected quarterly. The lease concluded on 5 February 2094. Having 69 years left we calculated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 not including costs.