Top reasons for Harringay lease extension

Why you should start your Harringay lease extension today:

A Harringay lease depreciates with the years remaining on the lease.

When it comes to long leasehold property in Harringay, you effectively rent it for a certain period of time. Modern flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you may consider extending the lease sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease becomes disproportionately more expensive especially once there are less than eighty years left. Residents in Harringay with a lease nearing 81 years remaining should seriously think of extending it sooner than later. When the lease term has fewer than 80 years remaining, under the current legislation the landlord can calculate and demand a larger amount, assessed on a technical calculation, known as “marriage value” which is payable.

An extended lease is almost the same value as a freehold

Leasehold properties in Harringay with over 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and estate charges justify it.

Lenders will not grant a mortgage with a short lease

Most mortgage lenders will not lend on a lease with less than seventy years unexpired - although this varies from lender to lender. A purchaser will undoubtedly find it difficult in obtaining a mortgage and this could result in your Harringay property being difficult to sell or remortgage.

What makes us experts in Harringay lease extensions?

Lease extensions in Harringay can be a difficult process. We recommend you obtain guidance from a lawyer and valuer 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 a wealth of experience procuring Harringay lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Harringay Lease Extension Case Summaries:

Tommy, Harringay, North London,

Tommy was the the leasehold proprietor of a high value flat in Harringay on the market with a lease of a few days over sixty years remaining. Tommy on an informal basis spoke with his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £100 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Tommy to exercise his statutory right. Tommy obtained expert legal guidance and was able to make an informed judgement and deal with the matter and readily saleable.

Harringay case:

Dr Aaron Davis took over the lease of a garden apartment in Harringay in February 2011. We are asked if we could shed any light on how much (roughly) price would likely be for a ninety year extension to my lease. Similar homes in Harringay with a long lease were in the region of £200,000. The average ground rent payable was £50 collected per annum. The lease expired in 2103. Given that there were 77 years unexpired we estimated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 exclusive of legals.