On the balance of probabilities if you own a flat in Harwell you actually own a long leasehold interest over your property
It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years left, the residence will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| 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. |
| Leeds Building Society | 85 years remaining from the start 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 |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Harwell can be a difficult process. We recommend you get guidance from a conveyancing solicitor and surveyor 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 Harwell lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following lengthy discussions with the landlord of her basement apartment in Harwell, Abigail commenced the lease extension process as the 80 year deadline was swiftly coming. The transaction was finalised in June 2015. The landlord’s fees were kept to an absolute minimum.
Mr and Mrs. H Alexander took over the lease of a studio flat in Harwell in February 2009. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be to prolong the lease by ninety years. Similar homes in Harwell with an extended lease were in the region of £168,800. The average amount of ground rent was £60 invoiced monthly. The lease concluded on 6 July 2080. Given that there were 55 years as a residual term we approximated the compensation to the landlord to extend the lease to be within £31,400 and £36,200 not including costs.
In 2011 we were called by Mr and Mrs. K Collins who, having completed a studio apartment in Harwell in March 2002. We are asked if we could shed any light on how much (roughly) premium would be to extend the lease by 90 years. Comparable premises in Harwell with a long lease were valued about £235,200. The average amount of ground rent was £45 collected every twelve months. The lease concluded in 2091. Given that there were 66 years remaining we calculated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 not including fees.