Why you should commence your Harefield lease extension
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<h3> Top reasons for lease extension now:
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Increase your lease and increase your <a href="http://www.lendermonitor.com/conveyancing/loc/harefield">Harefield</a> property value </h4>
<p> On the balance of probabilities where you own a flat in Harefield you actually own a long leasehold interest over your property
<h4>An extended lease is almost the same value as a freehold</h4>
<p> It is conventional wisdom that a property with over 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.
<h4>Banks and Building Societies may decide not to loan monies with a short lease</h4> Lenders do not grant a mortgage on short residential leases. You most probably experience problems where you wish to sell your flat in Harefield if the unexpired term of your lease is under the criteria set by the majority of lenders. Different mortgage companies have varying requirements but on the whole theyrequire an unexpired term of at least seventy years.
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<tr><th>Lender</th>
<th> Requirement
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<td>Birmingham Midshires</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Coventry Building Society</td>
<td> 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.
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<td>Godiva Mortgages</td>
<td> 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.
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<td>National Westminster Bank</td>
<td> Mortgage term plus 30 years.<br /><br />For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage.
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<td>Royal Bank of Scotland</td>
<td> Mortgage term plus 30 years.
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What makes us experts in Harefield lease extensions?
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<p> Engaging our service gives you better control over the value of your Harefield leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell.
The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions. <h4>
Harefield Lease Extension Example Cases:
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<h5> Riley, Harefield, North London,</h5>
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Riley was the the leasehold proprietor of a conversion apartment in Harefield being sold with a lease of fraction over 59 years unexpired. Riley informally contacted his landlord being a well known Manchester-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £200 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Riley to invoke his statutory right. Riley obtained expert advice and secured an acceptable deal without going to tribunal and ending up with a market value flat.
<h5>Harefield case:</h5>
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Last year we were contacted by Mr and Mrs. A Parker , who
owned a garden flat in Harefield in November 2000. The question was if we could approximate the price would be for a 90 year lease extension. Similar flats in Harefield with a long lease were valued about £210,000. The average amount of ground rent was £50 invoiced annually. The lease concluded in 2105. Considering the 79 years as a residual term we approximated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 not including legals.
<div> <h5>Decision in Hillingdon</h5>
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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 was in relation to 3 flats. The remaining number of years on the lease was 71 years.
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