The only way is down when it comes to Harlington lease terms. Harlington properties that have a residual term lower than eighty years will reduce in value even faster, and the cost of extending your lease will rise.
It is generally considered that a property with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| 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 |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Harlington can be a difficult process. We recommend you get professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.
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 dealing with Harlington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
During the course of the last few months Lucas, came perilously close to the eighty-year threshold with the lease on his ground floor flat in Harlington. In buying his flat two decades ago, the length of the lease was of little concern. by good luck, he realised he would imminently be paying way over the odds for a lease extension. Lucas extended the lease just ahead of time last September. Lucas and the landlord eventually agreed on an amount of £5,000 . If the lease had fallen below 80 years, the amount would have become more costly by at least £1,000.
Last Spring we were e-mailed by Dr P Moreau , who completed a first floor apartment in Harlington in September 1998. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by a further 90 years. Comparative flats in Harlington with a long lease were in the region of £270,000. The average ground rent payable was £55 invoiced annually. The lease ran out in 2101. Having 75 years left we estimated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 plus expenses.
An example of a Freehold Enfranchisement case for a Harlington residence is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case related to 2 flats. The remaining number of years on the lease was 69 years.