There is no doubt about it a leasehold flat or house in Harold Park is a wasting asset as a result of the diminishing lease term. If the lease has, more than 125 years remaining then this decrease may be of little impact nevertheless there will become a stage when a lease has less than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the main reason why you should extend the lease sooner than later. Most flat owners in Harold Park will qualify for this right; nevertheless a conveyancer will be able to confirm whether you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.
Leasehold residencies in Harold Park with more than one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| 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. |
| National Westminster Bank | Mortgage term plus 30 years. |
| 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 |
| Yorkshire 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. |
The lawyers that we work with undertake Harold Park 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.
Hugo was the the leasehold proprietor of a studio flat in Harold Park being sold with a lease of just over 72 years left. Hugo on an informal basis approached his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £200 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Hugo to exercise his statutory right. Hugo obtained expert legal guidance and was able to make an informed decision and deal with the matter and ending up with a market value flat.
Last Summer we were approach by Mr and Mrs. L François , who moved into a garden flat in Harold Park in June 2005. We are asked if we could approximate the premium would be to extend the lease by 90 years. Identical homes in Harold Park with an extended lease were worth £243,000. The mid-range amount of ground rent was £65 billed per annum. The lease ended in 2088. Having 63 years outstanding we estimated the compensation to the landlord to extend the lease to be between £20,000 and £23,000 exclusive of professional charges.
An example of a Lease Extension case for a Harold Park residence 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 was in relation to 1 flat. The number of years remaining on the existing lease(s) was 57.5 years.