Main reasons to commence your Harold Park lease extension

Why you should commence your Harold Park lease extension today:

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

With a long leasehold premises in Harold Park, you are actually buying a right to live in a property for a prescribed time frame. These days flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you should consider extending the lease sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease gets disproportionately greater notably when there are less than 80 years left. Anyone in Harold Park with a lease approaching 81 years remaining should seriously consider extending it sooner rather than later. When the lease term has less than 80 years outstanding, under the current statute the freeholder is entitled to calculate and levy a larger amount, assessed on a technical computation, strangely termed as “marriage value” which is payable.

An extended lease is almost the same value as a freehold

Leasehold residencies in Harold Park with over one hundred years unexpired 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 property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.

Lending institutions will not finance a property with a short lease

Mortgage companies do not like short residential leases. You are likely to experience problems if you want to sell your flat in Harold Park if the unexpired term of your lease is under the criteria set by most lenders. Different lenders have varying criteria but in the main theyrequire an unexpired term of at least 65 years.

Why use us for your lease extension in Harold Park?

Regardless of whether you are a tenant or a freeholder in Harold Park,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Harold Park valuers.

Harold Park Lease Extension Example Cases:

Bethan, Harold Park, London,

Following protracted discussions with the landlord of her garden flat in Harold Park, Bethan initiated the lease extension process just as her lease was nearing the critical 80-year threshold. The transaction was finalised in July 2010. The freeholder’s charges were restricted to under 500 pounds.

Harold Park case:

Mr and Mrs. G Flores owned a studio flat in Harold Park in July 2004. The dilemma was if we could approximate the compensation to the landlord would likely be to extend the lease by an additional years. Comparable premises in Harold Park with a long lease were worth £275,000. The average ground rent payable was £65 invoiced per annum. The lease came to a finish in 2094. Taking into account 68 years outstanding we estimated the premium to the landlord for the lease extension to be within £12,400 and £14,200 plus fees.