The only way is down when it comes to Harold Hill lease terms. Harold Hill flats that have a lease term shorter than eighty years will reduce in market price even faster, and the cost of extending your lease will increase.
It is conventional wisdom that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an additional 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. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| 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. |
The conveyancing solicitors that we work with undertake Harold Hill 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 conveyancing solicitor we work with provide it.
Lucas was the the leasehold owner of a studio apartment in Harold Hill being sold with a lease of just over fifty eight years outstanding. Lucas informally contacted his freeholder being a well known London-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Lucas to exercise his statutory right. Lucas obtained expert legal guidance and secured an acceptable resolution informally and readily saleable.
In 2012 we were e-mailed by Ms T Morris who, having owned a basement flat in Harold Hill in November 2007. The question was if we could shed any light on how much (roughly) price could be to extend the lease by ninety years. Comparable residencies in Harold Hill with an extended lease were worth £260,000. The mid-range ground rent payable was £50 billed monthly. The lease finished on 10 October 2097. Considering the 72 years outstanding we calculated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus costs.
An example of a Lease Extension case for a Harold Hill flat is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case affected 1 flat. The unexpired term was 57.5 years.