Top reasons for Harold Park lease extension

Why you should start your Harold Park lease extension today:

A Harold Park lease depreciates with the years remaining on the lease.

It’s a harsh certainty that a Harold Park residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the first few years due to the deflation being disguised by increases in the Harold Park property prices.Where your lease has approximately 90 years left, you should start considering a lease extension. If lease term falls under eighty years, you will then be required to pay 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property Most flat owners in Harold Park will be able to extend under the legislation; however a conveyancing solicitor should be able to clarify if you are eligibility. In some cases you may not qualify. There are also strict timeframes and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancer from beginning to end of the formalities.

An extended lease has roughly the same value as a freehold

Leasehold premises in Harold Park with over 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges merit it.

Mortgage lenders may decide not to issue a mortgage on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet lending institutions start to get concerned at around 75 years. This may be problematic as and when you need to market or refinance your property as it will be practically unmortgageable. Even though you may have no imminent plan to sell but when you do your buyer must wait 2 years before being able to exercise the right to a an extension to the lease.

What makes us experts in Harold Park lease extensions?

Using our service will provide you better control over the value of your Harold Park leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Harold Park Lease Extension Example Cases:

Sam, Harold Park, London

In 2014 Sam, came seriously near to the eighty-year mark with the lease on his garden apartment in Harold Park. Having purchased his flat twenty years previously, the length of the lease was of no concern. As luck would have it, he realised he would soon be paying an inflated amount for Extending the lease. Sam arranged for a lease extension at the eleventh hour in September. Sam and the landlord ultimately agreed on an amount of £6,000 . If he failed to meet the deadline, the premium would have increased by at least £1,000.

Harold Park case:

Last Spring we were contacted by Mr and Mrs. K Lefebvre , who bought a one bedroom apartment in Harold Park in October 2010. The question was if we could approximate the compensation to the landlord would likely be to extend the lease by ninety years. Identical premises in Harold Park with an extended lease were worth £225,800. The average amount of ground rent was £60 invoiced annually. The lease came to a finish in 2086. Considering the 60 years outstanding we calculated the premium to the landlord for the lease extension to be between £24,700 and £28,600 exclusive of costs.