For those whose Harlington flat is held on a long lease, our message is clear – if you do nothing, your property will ultimately revert to your landlord, leaving you empty-handed. The fewer the years remaining the less it is worth and the more it will cost to extend the lease.
Leasehold properties in Harlington with more than one hundred years remaining 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 to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset 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 |
Lease extensions in Harlington can be a difficult process. We recommend you secure professional help from a conveyancer and surveyor with experience in lease extensions.
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 Harlington 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 negotiations with the freeholder of her purpose-built apartment in Harlington, Jade commenced the lease extension process just as her lease was nearing the crucial eighty-year deadline. The lease extension completed in August 2013. The landlord’s fees were restricted to a tad over 550 pounds.
Mr R Scott moved into a ground floor flat in Harlington in March 2009. We are asked if we could estimate the premium would likely be for a 90 year lease extension. Similar premises in Harlington with an extended lease were worth £235,200. The mid-range amount of ground rent was £45 invoiced quarterly. The lease came to a finish in 2092. Taking into account 66 years as a residual term we calculated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 exclusive of professional charges.
An example of a Freehold Enfranchisement case for a Harlington flat 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 was in relation to 2 flats. The unexpired term as at the valuation date was 69 years.