Harmondsworth leases on domestic deteriorating in value. Where your lease has in the region of 90 years left, you should start thinking about a lease extension. If lease term is under 80 years, you will then be required to pay 50% of the property's 'marriage value' on top of the standard 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 usually be legally entitled to a lease extension; however It would be wise to check with a conveyancer to confirm if you qualify. In certain circumstances you may not be entitled. There are prescribed timetables and procedures to follow once the process has commenced so it’s best to be guided by a conveyancer during the process.
It is generally accepted that a property with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years remaining, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| Halifax | |
| Virgin | |
| Yorkshire Building Society |
The lawyers that we work with handle Harmondsworth lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.
Off the back of lengthy negotiations with the freeholder of her leasehold flat in Harmondsworth, Hannah initiated the lease extension process as the eighty year threshold was swiftly advancing. The transaction was concluded in June 2009. The landlord’s fees were restricted to under 650 pounds.
Dr V Morgan acquired a garden apartment in Harmondsworth in September 1999. We are asked if we could shed any light on how much (roughly) price would be to prolong the lease by 90 years. Comparative premises in Harmondsworth with 100 year plus lease were valued about £225,800. The average amount of ground rent was £60 invoiced annually. The lease elapsed on 24 September 2086. Given that there were 60 years left we estimated the compensation to the landlord to extend the lease to be between £23,800 and £27,400 exclusive of expenses.
An example of a Freehold Enfranchisement case for a Harmondsworth property 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.