North Harrow leases on domestic deteriorating in value. if your lease has approximately 90 years left, you should start considering the need for a lease extension. If lease term is less than eighty years, you will then be required to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in North Harrow will usually qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to confirm your eligibility. In certain situations you may not qualify. There are prescribed timetables and procedures to comply with once the process has commenced so it’s sensible to be guided by a conveyancer during the process.
Leasehold residencies in North Harrow with more than 100 years remaining 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 upside in purchasing the freehold unless savings on ground rent and maintenance charges warrant 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. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage. |
Lease extensions in North Harrow can be a difficult process. We recommend you obtain guidance from a conveyancer and surveyor 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 North Harrow lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In 2014 Freddie, started to get close to the eighty-year threshold with the lease on his ground floor flat in North Harrow. Having bought his home two decades ago, the length of the lease was of minimal interest. by good luck, he became aware that he would soon be paying an inflated amount for a lease extension. Freddie extended the lease at the eleventh hour in March. Freddie and the freeholder via the management company eventually agreed on an amount of £5,500 . If he had missed the deadline, the sum would have gone up by at least £925.
In 2014 we were phoned by Mr and Mrs. W Moreau who, having completed a newly refurbished apartment in North Harrow in October 2012. The question was if we could shed any light on how much (approximately) premium could be for a ninety year lease extension. Similar homes in North Harrow with 100 year plus lease were in the region of £200,800. The mid-range ground rent payable was £65 billed yearly. The lease concluded on 22 September 2086. Taking into account 60 years unexpired we estimated the compensation to the landlord for the lease extension to be within £20,900 and £24,200 exclusive of costs.
An example of a Lease Extension matter before the tribunal for a North Harrow flat is flat 93b Welldon Crescent in May 2009. The Tribunals valuation for a 90-year lease extension of this fat was £13,171 This case was in relation to 1 flat. The unexpired lease term was 75.25 years.