The nearer a residential lease in West Harrow gets to zero years unexpired, the more it reduces the value of the property. If the lease has, over 125 years remaining then this decrease may be fractional however there will become a stage when a lease has less than eighty 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 main rational as to why you should extend the lease without delay. Many flat owners in West Harrow will meet the qualifying criteria; however a conveyancing solicitor can confirm whether you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold residencies in West Harrow with over 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges justify 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. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Chelsea 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. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| 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 West Harrow can be a difficult process. We recommend you get professional help from a conveyancing solicitor and surveyor with experience in this area.
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 a wealth of experience dealing with West Harrow lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of eight months of unsuccessful discussions with the landlord of her garden flat in West Harrow, Erin started the lease extension process just as her lease was nearing the all-important eighty-year threshold. The transaction was concluded in September 2009. The landlord’s charges were negotiated to a tad over 550 GBP.
Mr and Mrs. N Jones took over the lease of a first floor flat in West Harrow in June 2011. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by an additional years. Similar properties in West Harrow with 100 year plus lease were in the region of £290,000. The mid-range amount of ground rent was £45 collected quarterly. The lease elapsed in 2098. Having 73 years unexpired we estimated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 plus costs.
An example of a Lease Extension decision for a West Harrow residence 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 affected 1 flat. The unexpired term as at the valuation date was 75.25 years.