Top reasons for Harringay lease extension

Main reasons to start your Harringay lease extension today:

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

The market 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 escalate materialy once the unexpired lease term is less than 80 years

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

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the property will be worth the same as a freehold for many years ahead.

Mortgage lenders will not issue a mortgage on a short lease

Mortgage companies are tightening their criteria and a meaningful number now want flats to have a minimum of sixty if not seventy years left once the mortgage has expired. As many flats in Harringay were created in the 1950s, 1960s and 1970s as a result many now need to be extended if they wish to get a mortgage.

What makes us experts in Harringay lease extensions?

Irrespective of whether you are a tenant or a freeholder in Harringay,the lease extension lawyers that we work with will always be willing 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 Example Cases:

Jason, Harringay, North London,

Jason owned a high value flat in Harringay on the market with a lease of fraction over 61 years unexpired. Jason on an informal basis spoke with his landlord a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to an increased rent to £200 annually. Ordinarily, ground rent would not be payable on a lease extension were Jason to exercise his statutory right. Jason procured expert legal guidance and secured satisfactory deal without going to tribunal and sell the flat.

Harringay case:

In 2014 we were phoned by Dr S Simon who, having owned a newly refurbished flat in Harringay in August 2011. The question was if we could estimate the compensation to the landlord would likely be to extend the lease by a further 90 years. Similar flats in Harringay with a long lease were valued around £191,400. The mid-range amount of ground rent was £55 invoiced monthly. The lease finished in 2080. Given that there were 54 years left we estimated the premium to the freeholder to extend the lease to be within £34,200 and £39,600 not including expenses.