Harlesden leases on domestic deteriorating in value. Where your lease has approximately 90 years remaining, you should start considering the need for a lease extension. Eighty years is a significant number: when the remaining term of a lease dips below this level then you begin incurring an additional element called marriage value. Leasehold owners in Harlesden will mostly be legally entitled to a lease extension; however a solicitor should be able confirm your eligibility. In certain cases you may not qualify. There are also strict deadlines and formalities to comply with once the process has commenced so it’s wise to be guided by a conveyancing solicitor during the process.
Leasehold properties in Harlesden with over 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Santander | |
| Yorkshire Building Society |
The lawyers that we work with undertake Harlesden 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.
Blake owned a studio flat in Harlesden being marketed with a lease of just over 72 years remaining. Blake on an informal basis approached his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Blake to exercise his statutory right. Blake obtained expert legal guidance and secured an acceptable resolution informally and readily saleable.
Dr Riley Howard completed a basement apartment in Harlesden in September 2009. The dilemma was if we could approximate the price could be for a ninety year lease extension. Comparable residencies in Harlesden with a long lease were in the region of £264,000. The mid-range amount of ground rent was £60 collected yearly. The lease ran out in 2079. Considering the 53 years as a residual term we calculated the compensation to the freeholder for the lease extension to be between £37,100 and £42,800 exclusive of professional charges.
An example of a Lease Extension decision for a Harlesden residence is First Floor Flat 2B Fortune Gate Road in May 2013. the tribunal decided that the price payable for the lease extension was £9,331, together with £900 in respect of outstanding ground rent. This case affected 1 flat. The unexpired lease term was 74.31 years.