Why you should start your Harringay lease extension

Main reasons to commence your Harringay lease extension today:

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

The closer a residential lease in Harringay gets to zero years unexpired, the more it reduces the value of the property. If the lease has, over one hundred years to run then this decrease may be of little impact however there will become a stage when a lease has under than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary rational as to why you should consider extending without delay. Many flat owners in Harringay will meet the qualifying criteria; however a lawyer can advise if you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.

An extended lease is almost the same value as a freehold

It is generally accepted that a property with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the premises will be equivalent in value to a freehold for many years in the future.

Lending institutions will not loan monies on a short lease

Banks and building societies are really clamping down as regards to properties in Harringay with short leases. For example you might discover that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so where you wanted to sell, your only options would be to find a cash purchaser, or try your luck at auction thus narrowing the number of potential purchasers.

Why use us for your lease extension in Harringay?

The lawyers that we work with procure Harringay lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Harringay Lease Extension Case Studies:

Chloe, Harringay, North London,

Trailing lengthy correspondence with the landlord of her basement apartment in Harringay, Chloe initiated the lease extension process just as her lease was approaching the critical eighty-year deadline. The transaction completed in August 2015. The freeholder’s fees were negotiated to under five hundred GBP.

Harringay case:

Mr Elijah Allen moved into a ground floor apartment in Harringay in March 2012. The question was if we could approximate the premium would likely be for a ninety year lease extension. Identical residencies in Harringay with a long lease were worth £275,000. The mid-range ground rent payable was £45 billed every twelve months. The lease lapsed on 17 June 2095. Having 69 years as a residual term we approximated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 plus expenses.