Harringay leases on residential deteriorating in value. Where your lease has approximately ninety years unexpired, you should start thinking about a lease extension. If lease term is under 80 years, you will then be required to pay 50% of the property's 'marriage value' on top of the usual cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Harringay will mostly qualify for a lease extension; however it’s a good idea to check with a lawyer to confirm your eligibility. In certain circumstances you may not qualify. There are prescribed timetables and steps to comply with once the process is initiated so it’s best to be guided by a conveyancer during the process.
It is generally considered that a property with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.
| 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. |
| Godiva Mortgages | 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. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| 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 Harringay can be a difficult process. We recommend you secure guidance from a conveyancer and valuer with experience in lease extensions.
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 Harringay lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
After lengthy discussions with the landlord of her basement flat in Harringay, Isabelle started the lease extension process as the eighty year mark was swiftly nearing. The lease extension was finalised in June 2006. The freeholder’s fees were kept to an absolute minimum.
In 2009 we were contacted by Ms Mia Flores who, having took over the lease of a first floor apartment in Harringay in August 1999. The dilemma was if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Comparable homes in Harringay with a long lease were in the region of £210,000. The average ground rent payable was £50 collected per annum. The lease came to a finish in 2106. Considering the 80 years unexpired we calculated the premium to the landlord to extend the lease to be within £8,600 and £9,800 plus fees.
An example of a Freehold Enfranchisement matter before the tribunal for a Harringay flat is 37 St. Margarets Avenue in January 2010. Following a vesting order by Edmonton County Court on 8th November 2008 the Tribunal decided that the price that the Applicant for the freehold interest should pay is £20,543 This case affected 2 flats. The remaining number of years on the lease was 74.75 years.