Harlesden leases on domestic properties are gradually losing value. Where your lease has about ninety years unexpired, you should start considering the need for a lease extension. If lease term dips under 80 years, you will then be required to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Harlesden will usually be legally entitled to a lease extension; however it’s a good idea to check with a lawyer to check if you qualify. In certain cases you may not qualify. There are prescribed timetables and steps to follow once the process has started so it’s prudent to be guided by a conveyancing solicitor during the process.
Leasehold premises in Harlesden with more than 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value 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 maintenance charges warrant 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. |
| 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 |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Harlesden can be a difficult process. We recommend you procure guidance from a conveyancer and valuer 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 in-depth market knowledge procuring Harlesden lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Nathan owned a studio flat in Harlesden being sold with a lease of fraction over 59 years left. Nathan informally contacted his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £100 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Nathan to invoke his statutory right. Nathan procured expert advice and secured an acceptable deal without resorting to tribunal and readily saleable.
Ms Y Martinez moved into a newly refurbished flat in Harlesden in March 2003. The question was if we could approximate the premium would be for a 90 year extension to my lease. Identical residencies in Harlesden with a long lease were worth £218,000. The mid-range amount of ground rent was £45 invoiced monthly. The lease terminated in 2088. Taking into account 63 years remaining we estimated the premium to the freeholder to extend the lease to be between £17,100 and £19,800 not including costs.
An example of a Lease Extension matter before the tribunal 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 related to 1 flat. The unexpired lease term was 74.31 years.