Harmondsworth leases on residential deteriorating in value. if your lease has in the region of 90 years remaining, you should start thinking about a lease extension. If lease term falls under eighty years, you will then be required to pay 50% of the property's 'marriage value' on top of the usual cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Harmondsworth will mostly qualify for a lease extension; however It would be wise to check with a lawyer to check if you qualify. In certain cases you may not qualify. There are prescribed deadlines and procedures to follow once the process has commenced so it’s wise to be guided by a conveyancer during the process.
Leasehold residencies in Harmondsworth with over one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges warrant 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. |
| 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. |
| 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 |
Irrespective of whether you are a tenant or a landlord in Harmondsworth,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Harmondsworth valuers.
During the course of the last few months Jonathan, came critically near to the 80-year mark with the lease on his first floor flat in Harmondsworth. In buying his flat 19 years previously, the lease term was of no bearing. As luck would have it, he realised he needed to take steps soon on Extending the lease. Jonathan arranged for a lease extension at the eleventh hour last September. Jonathan and the freeholder via the managing agents eventually agreed on a premium of £6,000 . If the lease had fallen below 80 years, the figure would have become more exhorbitant by a minimum £1,150.
Dr Sophia Reed completed a newly refurbished flat in Harmondsworth in June 1999. The question was if we could shed any light on how much (roughly) premium would be for a ninety year extension to my lease. Identical flats in Harmondsworth with a long lease were valued about £191,400. The mid-range ground rent payable was £55 collected quarterly. The lease expired in 2079. Considering the 54 years outstanding we approximated the premium to the landlord for the lease extension to be within £34,200 and £39,600 exclusive of professional charges.
An example of a Freehold Enfranchisement case for a Harmondsworth flat 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 was in relation to 2 flats. The number of years remaining on the existing lease(s) was 69 years.