On the balance of probabilities if you own a flat in West Harrow you actually own a long leasehold interest over your property
Leasehold properties in West Harrow with over 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges justify 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. |
| 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. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| 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. |
Lease extensions in West Harrow can be a difficult process. We recommend you secure professional help from a lawyer and valuer 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 dealing with West Harrow lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Aarav was the the leasehold owner of a high value apartment in West Harrow on the market with a lease of fraction over sixty years unexpired. Aarav on an informal basis approached his landlord a well known Bristol-based freehold company for a lease extension. The freeholder was keen to give 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 twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Aarav to invoke his statutory right. Aarav procured expert advice and was able to make an informed judgement and deal with the matter and sell the property.
In 2011 we were approached by Ms Ashleigh Leroy who, having completed a ground floor apartment in West Harrow in June 1996. We are asked if we could estimate the premium could be for a 90 year extension to my lease. Comparative premises in West Harrow with a long lease were in the region of £174,200. The mid-range amount of ground rent was £55 collected quarterly. The lease came to a finish on 17 March 2076. Having 51 years remaining we calculated the premium to the landlord to extend the lease to be within £31,400 and £36,200 plus fees.
An example of a Lease Extension matter before the tribunal for a West 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 affected 1 flat. The unexpired lease term was 75.25 years.