Harmondsworth leases on domestic deteriorating in value. Where your lease has in the region of ninety years left, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease dips below this level then you start incurring an additional element called marriage value. Flat owners in Harmondsworth will usually qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to check if you qualify. In certain situations you may not be entitled. There are also strict timetables and procedures to comply with once the process has commenced so it’s sensible to be guided by a lawyer during the process.
Leasehold properties in Harmondsworth with over one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| 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. |
| Halifax | Minimum 70 years from the date 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. |
| 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. |
Lease extensions in Harmondsworth can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and valuer with experience in lease extensions.
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 Harmondsworth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing lengthy negotiations with the freeholder of her studio flat in Harmondsworth, Natalie started the lease extension process just as the lease was nearing the crucial 80-year threshold. The lease extension completed in November 2009. The landlord’s fees were kept to an absolute minimum.
In 2012 we were contacted by Mrs Sophie Lefebvre who, having took over the lease of a basement apartment in Harmondsworth in November 2005. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by a further 90 years. Identical premises in Harmondsworth with 100 year plus lease were valued about £275,000. The mid-range amount of ground rent was £65 collected annually. The lease elapsed in 2094. Given that there were 68 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 plus legals.
An example of a Freehold Enfranchisement matter before the tribunal for a Harmondsworth premises is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case affected 2 flats. The unexpired residue of the current lease was 69 years.