Chances are that if you own a flat in Harefield you actually own a long leasehold interest over your property
Leasehold residencies in Harefield with in excess of 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| Godiva Mortgages | |
| TSB | |
| Virgin |
The lawyers that we work with handle Harefield 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.
In the wake of 6 months of protracted correspondence with the landlord of her basement flat in Harefield, Laura commenced the lease extension process as the eighty year threshold was quickly nearing. The legal work was concluded in June 2005. The landlord’s charges were restricted to a tad over five hundred pounds.
Last Autumn we were e-mailed by Mr and Mrs. E Díaz , who took over the lease of a purpose-built flat in Harefield in November 2003. The question was if we could approximate the premium would likely be to prolong the lease by 90 years. Comparable homes in Harefield with an extended lease were in the region of £200,000. The mid-range ground rent payable was £50 billed per annum. The lease lapsed in 2104. Having 78 years remaining we approximated the premium to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of legals.
An example of a Lease Extension decision for a Harefield premises is Flats 8, 11 and 15 Craigmore Court 46 Murray Road in December 2013. The tribunal held that the price payable by the Applicant tenant of Flat 8 to acquire an extended lease shall be £26,438 plus £1 to the intermediate lessee . The tribunal held that the price payable by the Applicant tenants of Flat 11 to acquire an extended lease shall be £26,791 plus £1 to the intermediate lessee. The tribunal held that the price payable by the Applicant tenant of Flat 15 to acquire an extended lease shall be £26,638 plus £1 to the intermediate lessee . This case was in relation to 3 flats. The unexpired term was 71 years.