Why you should commence your Harringay lease extension

Why you should start your Harringay lease extension today:

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

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will usually be granted for a prescribed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Harringay. Inevitably, the period of lease left shortens as time goes by. This may pass by relatively unnoticed when the property needs to be sold or re-mortgaged. The fewer the years remaining the lower the value of the property and the more expensive it will be to procure a lease extension. Eligible leaseholders in Harringay have the right to extend the lease for a further 90 years in accordance with statute. You should give careful deliberation before putting off your Harringay lease extension. Holding off that expense now simply increases the price you will eventually incur to extend your lease

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

It is conventional wisdom that a property with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Lending institutions will not lend with a short lease

Most banks and building societies will not lend on a lease with less than seventy years left to run - although this varies from lender to lender. A purchaser will no doubt encounter difficulties to obtain a mortgage and this will result in your Harringay property becoming difficult to dispose of or remortgage.

Why use us for your lease extension in Harringay?

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

Harringay Lease Extension Example Cases:

Felix, Harringay, North London,

Felix was the the leasehold owner of a high value apartment in Harringay being sold with a lease of just over 61 years remaining. Felix informally contacted his landlord a well known Bristol-based freehold company for a lease extension. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £100 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Felix to exercise his statutory right. Felix procured expert advice and secured an acceptable resolution without resorting to tribunal and readily saleable.

Harringay case:

In 2014 we were contacted by Mr and Mrs. G Girard who, having was assigned a lease of a purpose-built flat in Harringay in January 2011. We are asked if we could estimate the price would likely be to prolong the lease by 90 years. Similar homes in Harringay with a long lease were valued around £200,000. The average amount of ground rent was £50 billed per annum. The lease lapsed on 5 June 2103. Having 78 years remaining we approximated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 plus legals.