As the length of the unexpired term of a Harringay residential lease lessens so does its value and therefore the value of your property. If the lease has, beyond 100 years remaining then this decrease may be fractional nevertheless there will become a point in time when a lease has fewer than 80 years left as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary reason why you should extend the lease sooner rather than later. Most flat owners in Harringay will meet the qualifying criteria; that being said a conveyancer can confirm if you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
It is generally considered that a residential leasehold with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
Retaining our service will provide you enhanced control over the value of your Harringay leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Oscar owned a 2 bedroom apartment in Harringay being marketed with a lease of fraction over 59 years left. Oscar on an informal basis contacted his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £100 per annum. Ordinarily, ground rent would not be payable on a lease extension were Oscar to invoke his statutory right. Oscar procured expert advice and secured satisfactory resolution informally and ending up with a market value flat.
Last Spring we were contacted by Mrs Courtney García , who took over the lease of a purpose-built flat in Harringay in May 2011. The dilemma was if we could shed any light on how much (approximately) price would likely be for a 90 year extension to my lease. Comparative properties in Harringay with a long lease were valued around £267,600. The mid-range ground rent payable was £65 billed annually. The lease finished on 16 January 2092. Given that there were 67 years as a residual term we estimated the premium to the landlord for the lease extension to be within £14,300 and £16,400 plus expenses.
An example of a Freehold Enfranchisement matter before the tribunal for a Harringay residence 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.