The only way is down when it comes to Harefield lease terms. Harefield leaseholds that have a residual term less than than eighty years will de-escalate in market price even faster, and the cost of extending your lease will go up.
It is generally considered that a property with more than 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 45 years unexpired, the property will be equivalent in value to a freehold for many years ahead.
| 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. |
| 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. |
| 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 |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Harefield can be a difficult process. We recommend you get guidance from a conveyancer and surveyor 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 a wealth of experience dealing with Harefield lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last year Oliver, started to get close to the eighty-year mark with the lease on his purpose- built flat in Harefield. In buying his property two decades ago, the unexpired term was of minimal interest. by good luck, it dawned on him that he needed to take action soon on Extending the lease. Oliver arranged for a lease extension just under the wire last April. Oliver and the landlord subsequently settled on sum of £5,000 . If the lease had slid lower than eighty years, the sum would have become more exhorbitant by a minimum £1,150.
In 2013 we were approached by Mr and Mrs. H Lefebvre who, having bought a studio apartment in Harefield in January 1997. We are asked if we could approximate the premium would be for a ninety year extension to my lease. Comparable residencies in Harefield with 100 year plus lease were in the region of £275,000. The mid-range amount of ground rent was £45 billed every twelve months. The lease ran out in 2095. Given that there were 69 years left we approximated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 not including fees.
An example of a Lease Extension case 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 residue of the current lease was 71 years.