Why you should start your Harold Park lease extension

Main reasons to start your Harold Park lease extension today:

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

Harold Park leases on domestic deteriorating in value. Where your lease has about ninety years remaining, you should start considering the need for a lease extension. If lease term is under 80 years, you will then be required to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Harold Park will usually be legally entitled to a lease extension; however It would be wise to check with a lawyer to confirm your eligibility. In some circumstances you may not qualify. There are prescribed timetables and formalities to follow once the process has started so it’s sensible to be guided by a lawyer during the process.

Harold Park property with a lease extension has roughly the same value as a freehold

Leasehold premises in Harold Park with over 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and estate charges merit it.

Banks and Building Societies will not grant a mortgage with a short lease

Nearly all mortgage lenders insist on a lengthy amount of time remaining on a leasehold property before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should bear in mind that it is reasonable to assume that someone wanting to acquire your property in the future might well do, so where they can't obtain a mortgage, then the market price of the property will likely suffer. In the last decade many banks and building societies have increased the required minimum lease length that they are prepared to accept

Why use us for your lease extension in Harold Park?

Engaging our service gives you increased control over the value of your Harold Park leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Harold Park Lease Extension Example Cases:

Chelsea, Harold Park, London,

Trailing unsuccessful discussions with the freeholder of her ground floor flat in Harold Park, Chelsea started the lease extension process as the eighty year mark was quickly advancing. The lease extension was finalised in May 2007. The freeholder’s charges were kept to an absolute minimum.

Harold Park case:

In 2009 we were contacted by Mr U David who, having owned a garden apartment in Harold Park in November 2011. We are asked if we could shed any light on how much (approximately) price could be for a ninety year lease extension. Identical homes in Harold Park with a long lease were in the region of £181,600. The mid-range ground rent payable was £55 invoiced quarterly. The lease ran out on 12 August 2078. Taking into account 52 years remaining we approximated the premium to the freeholder to extend the lease to be between £30,400 and £35,200 plus expenses.