Harold Wood leases on residential properties are gradually losing value. Where your lease has in the region of ninety years left, you should start considering the need for a lease extension. It is important to recognise that it is that it is financially advisable for your lease extension to be in place before the term of the current lease dips lower than 80 years - otherwise a higher amount will be due. Leasehold owners in Harold Wood will usually be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to confirm your eligibility. In certain situations you may not qualify. There are prescribed deadlines and formalities to follow once the process is initiated so it’s wise to be guided by a conveyancer during the process.
Leasehold residencies in Harold Wood with in excess of 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.
| 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Regardless of whether you are a tenant or a landlord in Harold Wood,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Harold Wood valuers.
After protracted correspondence with the freeholder of her leasehold apartment in Harold Wood, Bethan started the lease extension process just as the lease was coming close to the all-important eighty-year threshold. The legal work was concluded in November 2005. The landlord’s fees were kept to an absolute minimum.
In 2011 we were called by Mr and Mrs. M Michel who, having was assigned a lease of a studio flat in Harold Wood in October 2009. We are asked if we could shed any light on how much (approximately) premium would be to prolong the lease by an additional years. Similar premises in Harold Wood with a long lease were in the region of £166,400. The average amount of ground rent was £60 invoiced quarterly. The lease came to a finish on 7 January 2080. Considering the 54 years remaining we approximated the compensation to the landlord to extend the lease to be within £32,300 and £37,400 not including expenses.
An example of a Lease Extension decision for a Harold Wood flat is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case related to 1 flat. The unexpired term as at the valuation date was 57.5 years.