The nearer a residential lease in Harefield gets to zero years unexpired, the more it reduces the value of the property. If the residual term has, more than 125 years remaining then this decrease may be negligible however there will become a stage when a lease has less than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary rational as to why you should extend the lease sooner as opposed to later. Most flat owners in Harefield will meet the qualifying criteria; however a lawyer will be able to confirm if you qualify for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.
It is conventional wisdom that a property with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Godiva Mortgages | |
| Skipton Building Society | |
| The Mortgage Works | |
| Royal Bank of Scotland |
Engaging our service gives you enhanced control over the value of your Harefield leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
18 months ago Thomas, came perilously near to the eighty-year threshold with the lease on his two bedroom flat in Harefield. Having purchased his property two decades ago, the lease term was of no bearing. Luckily, it dawned on him that he would soon be paying way over the odds for a lease extension. Thomas arranged for a lease extension just under the wire in August. Thomas and the landlord who owned the flat above eventually settled on an amount of £5,500 . If the lease had gone to less than eighty years, the price would have become more exhorbitant by a minimum £1,050.
Last Summer we were phoned by Ms H Sánchez , who owned a first floor apartment in Harefield in August 2010. We are asked if we could estimate the price would be to prolong the lease by 90 years. Identical premises in Harefield with an extended lease were worth £295,000. The average amount of ground rent was £45 collected annually. The lease elapsed in 2100. Having 74 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 not including costs.
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.