Harefield leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Most owners of residential leasehold property in Harefield enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Harefield you would be well advised to investigate if your lease has between 70 and ninety years left. There are compelling reasons why a Harefield flat owner with a lease having around eighty years remaining should take action to ensure that a lease extension is effected without delay
It is generally considered that a residential leasehold with more than 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.
| 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. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Yorkshire Building Society | 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. |
Lease extensions in Harefield can be a difficult process. We recommend you procure professional help from a conveyancer and valuer well versed in the legislation and lease extension process.
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 in-depth market knowledge procuring Harefield lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing protracted discussions with the freeholder of her one bedroom apartment in Harefield, Chantelle commenced the lease extension process as the 80 year threshold was rapidly coming. The legal work was finalised in August 2005. The freeholder’s costs were kept to an absolute minimum.
Last month we were approach by Dr Luke López , who bought a one bedroom flat in Harefield in July 1999. We are asked if we could approximate the premium would be to extend the lease by ninety years. Similar premises in Harefield with 100 year plus lease were in the region of £243,000. The mid-range ground rent payable was £65 billed quarterly. The lease lapsed in 2089. Considering the 63 years unexpired we estimated the premium to the freeholder to extend the lease to be within £20,000 and £23,000 plus professional charges.
An example of a Lease Extension matter before the tribunal for a Harefield property 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 related to 3 flats. The unexpired residue of the current lease was 71 years.