Harlesden leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. The majority of owners of residential leasehold property in Harlesden enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Harlesden you must see if your lease has between 70 and ninety years left. There are compelling reasons why a Harlesden flat owner with a lease having around eighty years remaining should take action to make sure that a lease extension is actioned without delay
It is conventional wisdom that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Halifax | 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 be at least 75 years plus the term of the mortgage at the outset of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
Lease extensions in Harlesden can be a difficult process. We recommend you obtain guidance from a lawyer and surveyor 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 in-depth market knowledge dealing with Harlesden lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last year Liam, came critically close to the eighty-year threshold with the lease on his leasehold flat in Harlesden. In buying his property twenty years previously, the unexpired term was of little interest. Fortunately, it dawned on him that he would soon be paying way over the odds for a lease extension. Liam arranged for a lease extension at the eleventh hour last September. Liam and the freeholder subsequently settled on the final figure of £5,500 . If he not met the deadline, the figure would have increased by at least £875.
Last Christmas we were e-mailed by Mr and Mrs. W Leroy , who took over the lease of a first floor flat in Harlesden in August 1996. We are asked if we could approximate the price would be to prolong the lease by an additional years. Comparable homes in Harlesden with 100 year plus lease were in the region of £280,000. The mid-range amount of ground rent was £55 invoiced yearly. The lease ran out on 6 October 2104. Given that there were 78 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 exclusive of legals.
An example of a Lease Extension case for a Harlesden premises is First Floor Flat 2B Fortune Gate Road in May 2013. the tribunal decided that the price payable for the lease extension was £9,331, together with £900 in respect of outstanding ground rent. This case related to 1 flat. The number of years remaining on the existing lease(s) was 74.31 years.