Stop! Your Lease Extension in Harmondsworth Could Be FREE

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Many leaseholders in Harmondsworth are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Harmondsworth has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to start your Harmondsworth lease extension

Main reasons to commence your Harmondsworth lease extension today:

A Harmondsworth lease depreciates with the years remaining on the lease.

For anyone whose Harmondsworth property is held on a long lease, the message is clear – if you ignore the situation, the property will ultimately revert to the freeholder, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years left, the premises will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies will not finance a property with a short lease

The propensity since over the last decade has been for mortgage companies to tighten lending criteria across the board - this has extended to the property over which the mortgage is to be granted. This has resulted in the minimum number of years remaining under the lease required by lenders has increased. In the past lenders were content with 25 years plus the term of the loan - routinely 50 year leases but those requirements have been chipped away by the requirement for lengthy leases - many now have a minimum term of 75 years as a prerequisite.

Lender Requirement
Accord Mortgages 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.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Get in touch with one of our Harmondsworth lease extension solicitors or enfranchisement solicitors

The conveyancers 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 lawyer we work with provide it.

Harmondsworth Lease Extension Example Cases:

Kai, Harmondsworth, West London,

Kai was the the leasehold proprietor of a studio flat in Harmondsworth being sold with a lease of fraction over 72 years remaining. Kai informally contacted his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £200 yearly. No ground rent would be due on a lease extension were Kai to invoke his statutory right. Kai procured expert legal guidance and secured an acceptable deal informally and ending up with a market value flat.

Harmondsworth case:

Mr and Mrs. Y Hall was assigned a lease of a purpose-built apartment in Harmondsworth in October 2011. The question was if we could approximate the price could be to extend the lease by an additional years. Comparative flats in Harmondsworth with a long lease were in the region of £260,200. The average amount of ground rent was £65 invoiced monthly. The lease ended in 2092. Having 66 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £16,200 and £18,600 not including expenses.

Decision in Hillingdon

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 remaining number of years on the lease was 69 years.