Harlington Lease Extension - Free Consultation

Before you progress with your lease extension in Harlington
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Top reasons for Harlington lease extension


Main reasons to commence your Harlington lease extension today:

Increase your lease and increase your Harlington property value

Harlington leases on residential deteriorating in value. if your lease has about ninety years remaining, you should start thinking about a lease extension. Eighty years is a significant number: when the remaining term of a lease dips below this level then you start incurring an additional element called marriage value. Leasehold owners in Harlington will usually be legally entitled to a lease extension; however It would be wise to check with a lawyer to confirm your eligibility. In some cases you may not qualify. There are also strict deadlines and formalities to follow once the process has started so it’s sensible to be guided by a conveyancing solicitor during the process.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years left, the residence will be equivalent in value to a freehold for decades to come.

Lending institutions may not grant a mortgage with a short lease

Mortgage companies do not like short residential leases. You are likely to encounter problems where you need to sell your flat in Harlington if the remaining term of your lease is less than the criteria set by most lenders. Different lenders have different requirements but generally theyrequire an unexpired term of at least 65 years.

Lender Requirement
Coventry Building Society 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.
Santander You must report the unexpired lease term to us and await our instructions if:
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided
However, we will not accept a lease where on expiry of the mortgage:
(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or
(ii) less than 30 years remain and the loan is repaid on a capital and interest basis

We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Why use us for your lease extension in Harlington?

Engaging our service will provide you enhanced control over the value of your Harlington leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Harlington Lease Extension Example Cases:

Sam, Harlington, North London

During the course of the last few months Sam, came critically near to the eighty-year mark with the lease on his one bedroom apartment in Harlington. In buying his flat two decades ago, the lease term was of minimal bearing. Fortunately, he realised he needed to take steps soon on Extending the lease. Sam arranged for a lease extension just under the wire last September. Sam and the landlord who owned the flat above eventually settled on the final figure of £6,000 . If the lease had gone lower than eighty years, the sum would have escalated by a minimum £900.

Harlington case:

Last Autumn we were contacted by Mr and Mrs. K Alexander , who was assigned a lease of a ground floor apartment in Harlington in February 2010. The question was if we could shed any light on how much (approximately) price would likely be to prolong the lease by ninety years. Identical properties in Harlington with a long lease were in the region of £210,600. The mid-range ground rent payable was £45 invoiced monthly. The lease elapsed on 3 January 2086. Considering the 62 years unexpired we calculated the compensation to the landlord for the lease extension to be between £18,100 and £20,800 not including fees.

Decision in Hillingdon

An example of a Freehold Enfranchisement matter before the tribunal for a Harlington residence is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case was in relation to 2 flats. The number of years remaining on the existing lease(s) was 69 years.