Top reasons for Harringay lease extension

Why you should start your Harringay lease extension today:

Increase your lease and increase your Harringay property value

The value of Harringay leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase significantly once the unexpired lease term is below than 80 years

Harringay property with a lease extension is almost the same value as a freehold

Leasehold properties in Harringay with over one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit it.

Lending institutions may not grant a mortgage with a short lease

Lenders are really restricting their approach as regards to homes in Harringay with short leases. For instance you might discover that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you wanted to sell, your only options would be to find a cash buyer, or try your luck at auction thus narrowing the amount of potential purchasers.

Why use us for your lease extension in Harringay?

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

Harringay Lease Extension Case Summaries:

Sophie, Harringay, North London,

Trailing protracted correspondence with the freeholder of her basement apartment in Harringay, Sophie initiated the lease extension process as the 80 year mark was rapidly nearing. The lease extension completed in July 2008. The freeholder’s charges were restricted to slightly above four hundred GBP.

Harringay case:

Mr and Mrs. Y Moreau owned a basement flat in Harringay in September 2006. The dilemma was if we could approximate the price could be to prolong the lease by an additional years. Identical premises in Harringay with a long lease were worth £290,000. The average amount of ground rent was £45 collected yearly. The lease termination date was in 2099. Having 73 years left we estimated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 plus costs.