On the balance of probabilities where you own a flat in West Ruislip you actually own a long leasehold interest over your property
Leasehold properties in West Ruislip with in excess of one hundred years unexpired 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 premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges justify it.
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset 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. |
Lease extensions in West Ruislip can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and valuer with experience in this area.
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 a wealth of experience dealing with West Ruislip lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last Autumn Dexter, came critically close to the eighty-year threshold with the lease on his one bedroom apartment in West Ruislip. In buying his flat 19 years ago, the unexpired term was of minimal significance. As luck would have it, he realised he would imminently be paying way over the odds for a lease extension. Dexter arranged for a lease extension just in the nick of time last May. Dexter and the landlord who owned the flat above in the end agreed on sum of £6,000 . If he not met the deadline, the price would have gone up by at least £1,000.
In 2014 we were called by Ms Jodie Taylor who, having owned a studio apartment in West Ruislip in August 2006. The question was if we could approximate the premium would be to prolong the lease by 90 years. Identical homes in West Ruislip with a long lease were in the region of £290,000. The mid-range amount of ground rent was £45 billed yearly. The lease elapsed in 2099. Taking into account 73 years outstanding we calculated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 not including expenses.
Last Winter we were approach by Dr W Collins , who bought a one bedroom apartment in West Ruislip in February 2005. We are asked if we could estimate the premium would be to extend the lease by 90 years. Identical properties in West Ruislip with an extended lease were valued about £235,600. The average amount of ground rent was £60 collected quarterly. The lease finished in 2088. Considering the 62 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £21,900 and £25,200 plus expenses.