North Harrow leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. Most owners of residential leasehold property in North Harrow enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in North Harrow you really ought to investigate if your lease has between 70 and ninety years remaining. There are good reasons why a North Harrow leaseholder with a lease having around eighty years left should take action to ensure that a lease extension is put in place without delay
Leasehold residencies in North Harrow with more than 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit it.
| 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | 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. |
The lawyers that we work with undertake North Harrow lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.
In 2014 Benjamin, came very close to the 80-year mark with the lease on his leasehold apartment in North Harrow. Having purchased his home two decades ago, the unexpired term was of no importance. Fortunately, he noticed he would imminently be paying an inflated amount for a lease extension. Benjamin extended the lease just in the nick of time last August. Benjamin and the landlord who owned the flat above eventually agreed on a premium of £6,000 . If he not met the deadline, the premium would have gone up by at least £850.
Ms D Bennett acquired a studio apartment in North Harrow in February 2001. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by 90 years. Identical premises in North Harrow with a long lease were worth £210,600. The mid-range amount of ground rent was £45 invoiced every twelve months. The lease finished in 2087. Having 62 years outstanding we approximated the compensation to the landlord to extend the lease to be within £18,100 and £20,800 not including fees.
An example of a Lease Extension case for a North Harrow premises is flat 93b Welldon Crescent in May 2009. The Tribunals valuation for a 90-year lease extension of this fat was £13,171 This case was in relation to 1 flat. The unexpired term was 75.25 years.